The first-time buyer market is booming.

According to the CML’s latest data (Feb 2017) there were 339,000 first-time buyers in 2016, which is an 8% increase on the previous year.  There are now nearly as many first-time buyers as home movers (360,000) and with various government support schemes in place, there is every reason to remain optimistic about this sector for the future.

Not always easy for all

Unfortunately, not all first-time buyers find it easy getting a mortgage:

  • Those with an immature credit record who can’t pass credit score
  • Borrowers with adverse credit records such as CCJs or credit card defaults
  • Recently self-employed applicants
  • Contract workers and those on zero hours contracts
  • Borrowers with a gifted deposit either from a family member or their builder
  • Those on state benefits

A helping hand for first-time buyers

At Magellan, we’re happy to help first-time buyers. We’ll lend:

  • up to 85% LTV with rates starting from 2.99%
  • up to 30 years, starting from age 21
  • to self-employed applicants with just one year’s trading record
  • to employed applicants with a minimum 3 months in their job
  • to borrowers who have been rejected on credit score and who have adverse credit records

We also accept:

  • gifted deposits
  • builder gifted deposits up to 5%
  • 100% of income from a second job
  • 100% of guaranteed bonus, commission and overtime
  • 50% of non-guaranteed bonus, commission and overtime
  • contract workers with at least 3 months remaining on the existing contract
  • agency workers with a minimum of 12 months experience
  • maintenance and long-term state benefits

Each case individually assessed

We don’t credit score and all applications are individually assessed by an experienced underwriter, who will make a decision about your clients’ application based on its own merits.

 

Find your local Regional Sales Manager here – for new or existing business, make our network of experienced managers your first contact point.

Or contact one of Magellan’s approved packaging and placement experts here.

Alternatively, 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.