You are here: Home - News -

Magellan Homeloans enters Help to Buy with specialist proposition

by:
  • 10/10/2018
  • 0
Magellan Homeloans enters Help to Buy with specialist proposition
Magellan Homeloans has launched into the Help to Buy equity loan market across the whole of its residential product options.

 

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.

 

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
Read previous post:
What does a slowing housing market mean for mortgage brokers? – Marketwatch

The national housing market have been slowing for some time, with subdued sales and lower price growth.  

Close