The move goes into effect today and is open for all brokers but does not include Magellan’s newly launched buy-to-let or Help to Buy offerings.
It does include standard new build purchases however.
The lender said its proposition includes products for a wide variety of borrowers, including self-employed, first-time buyers, complex incomes, and those with impaired credit profiles.
Magellan will accept up to four applicants along with family gifted deposits and gifted equity, in addition to builder gifted deposits/incentives of up to maximum 5%.
Offers are valid for 120 days on existing properties and 180 days on new build.
Lack of complex borrowers
Magellan managing director Simon Read said the lender was delighted to extend its range into Scotland.
“Brokers tell us that there is a distinct lack of choice for complex borrowers in Scotland who need individually tailored mortgages,” he said.
“Our expertise in manual underwriting enables us to look behind the numbers and evaluate someone’s real life circumstances, providing an answer that may not be available elsewhere.”
Read added that to support broker relations and case handling a new team of account managers had been created while the underwriting team had trebled in size.
Nathan Ellis-Calcott, director of specialist lending at Glasgow-based broker Your Mortgage Expert welcomed the move noting that Scotland has been underserved for specialist residential lending options.
“We have been crying out for more lenders who use a common sense approach to underwriting, especially for those borrowers who don’t fit strict high street lending criteria,” he said.
“With the flexible near prime product range and the unique credit repair products, I look forward to working with Magellan to help get more Scottish customers into their dream home.”