As working patterns continue to change, it’s increasingly common for borrowers to have incomes that are more complex than straightforward PAYE salaries.
They may:
- be agency workers
- have zero hours contracts
- receive significant bonus, commission or overtime payments
- be dependant on maintenance or state benefits
- have multiple sources of income, including income from investments
- be borrowing into retirement and dependent on pension income
Not complex for us
Whatever your client’s circumstances, Magellan may be able to help if they have a complex income.
We accept:
- 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
We also:
- lend beyond state retirement age
- add back any discretionary spend when calculating affordability
- lend up to 85% LTV with rates from 2.99%
- lend to borrowers who have been rejected on credit score and who have adverse credit records
- don’t charge ERCs on variable rate deals and allow annual overpayments up to 10% on fixed rates
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.
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.
