The lender said this will include borrowers with complex income structures including self-employed with just one year’s accounts, first-time buyers with no income multiples and those with historic credit impairment.
It is going live to the three versions of the scheme across England, Wales and London.
Rates start from 2.99% with a fees assisted option on all two-year and three-year fixed mortgages, offering no application fee, no valuation fee and a £450 cashback on completion.
Mortgage offers will be valid for up to six months and proc fees will be paid on exchange of contracts.
Sector needs innovation
Primis and PTFS proposition director Vikki Jefferies said the network welcomed Magellan’s entry into the Help to Buy market.
“As a sector that will benefit greatly from innovation and development, Magellan is a great fit to bridge the numerous gaps, particularly when it comes to those customers with more complex circumstances who don’t qualify for traditional high street products,” she said.
Paul Gray, director at new build specialist broker 313 Financial added: “This is great news particularly for first-time buyer, self-employed and credit impaired clients in a new build oriented environment.”
Magellan Homeloans sales director Jason Neale (pictured) said he believed the offer would add value to brokers and their Help to Buy clients.
“I’m delighted that we can offer our expertise and extensive product range to Help to Buy borrowers who may have struggled previously to find a lender who could meet their complex needs,” he added.
Growth goals
The Help to Buy launch is the latest in a series of expansions for Magellan as it seeks to grow its business.
Last month it entered the complex buy-to-let market while in August it completed a securitisation.
This year has also been a busy one for the Help to Buy market, with Accord, Bluestone, NatWest, Precise and 3MC, Loughborough Building Society, Principality Building Society and Platform all entering the market or significantly expanding their proposition.
