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Magellan Homeloans

Borrowers can fail credit score for all sorts of reasons.

They may have CCJ's, arrears and defaults they forgot to tell you about.

Or they may simply have an insufficiently well developed credit history to pass credit score. They may not have previously had a mortgage, loan or credit card. Or may not have been on the electoral register, or indeed may have just started work.

Whatever the reason, a credit score fail usually means a mortgage decline.

However, Magellan can help. Their innovative product ranges can accommodate borrowers:

With a credit score decline who would benefit from a flexible underwriting approach, including self-employed borrowers with a 12 months trading record

Proving they can manage their financial circumstances but have minor adverse marks on their credit file including arrears, CCJ's and defaults

Who suffered a life event that led to historic credit problems including arrears, CCJ's and defaults, as well as IVAs registered and bankruptcies discharged more than 12 months ago

Trying to resolve historic credit problems including those with a current or recently satisfied debt management plan

With a complex employment status including zero hours, agency and fixed-term contracts

Benefiting from family provided undervalue sales and gifted deposits.

We don’t use credit scoring and all applications are individually assessed by a skilled underwriter.

You can speak to one of our friendly and knowledgeable team at the mortgage desk about any of our mortgage products and services on: 0207 197 9424.

A credit score fail doesn’t have to be the end of the road for your client.


www.magellanhomeloans.co.uk

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