The new range consists of two- and five–year fixed rate mortgages, each with a fees free option, starting at 2.74% and 3.39% respectively.
Loans are available up to 90% loan to value (LTV) with a maximum term across the range of 40 years and are available in England, Scotland and Wales.
The new range requires a minimum of 12 months trading accounts for self-employed borrowers.
It will consider up to 100% of more complex employed income, including second jobs, shift allowance, zero-hours contracts, bonus, overtime and commission, where it is proven to have been consistent and is sustainable.
Unlimited family gifted deposits or equity as well as Help to Buy applications are also acceptable.
Borrowers outside high street criteria
Managing director Simon Read (pictured) said the new specialist prime range is designed for the many borrowers who fall just outside of the criteria set by high street and credit scoring lenders.
He added: “This can simply be because they are self-employed, recently employed, a first-time buyer, have a low credit score, have a very small credit blemish, or are financing an unusual property. Whatever their circumstances, we can offer a more flexible approach to help clients who don’t fit the mould.
“We understand the frustrations that intermediaries face when finding a suitable solution for clients who fall just outside of the criteria set by high street and credit scoring lenders but are very capable of managing and affording a mortgage on their dream home.
“We don’t credit score and our bespoke approach to manual underwriting is exactly that – adapted to each individual circumstance.”
Yesterday, Magellan reduced the majority of its fixed rates on residential mortgages as well as standard administration and valuation fees by up to 50% for applications received by the end of January.