Magellan launches Specialist Prime mortgage range
09 January 2019
Following on from yesterday’s price reduction and January Sale announcements, specialist lender Magellan Homeloans today announced its entry into the prime specialist residential mortgage sector with the introduction of its new range of mortgages – Magellan Specialist Prime – available across England, Wales and Scotland.
This is the latest step towards Magellan’s aim of being one of the first ports of call outside of the High Street for intermediaries, further cementing its position as a lender for all specialist borrower needs.
“Our 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. 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,” explains Simon Read, Managing Director.
“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. This enables us to offer a simple process for straightforward cases while being able to get into the detail if the client’s profile requires it.”
The new range consists of two-year and five–year fixed rate mortgages, each with a fees free option. The two-year fixed rates start at 2.74 per cent and the five-year fixed rates start at 3.39 per cent. Loans are available up to 90% LTV with a maximum term across the range of 40 years.
Maintaining its usual flexible approach, Magellan’s new range requires a minimum of 12 months trading accounts for self-employed borrowers and it will consider up to 100 per cent 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.
Read continues, “When we created Magellan Homeloans five years ago, it was to meet the needs of those borrowers who were being turned down by other lenders because their profile didn’t fit.
“We continue to offer competitive mortgages to suit many different circumstances and using our expertise, know-how and innovative problem-solving, we’ve built on those foundations, moving into other markets such as Buy to Let and Help to Buy. It’s now the right time to expand our offering to help those homebuyers who need a more flexible approach than the high street or other credit scoring lenders can offer.”
