Benefit from new and improved criteria. With rates from just 2.96% Magellan accepts:

Less than perfect credit histories:

  • Poor or low credit scores;
  • CCJs and Defaults, even within the last year (subject to none in the last 3 months);
  • Mortgage arrears (subject to none in the last 6 months);
  • Current Debt Management plans and IVAs;
  • Bankruptcies discharged over 12 months ago;
  • We are the only lender to cater for the entire spectrum of adverse credit – from minor blips to heavy amounts of adverse.

First time buyers or buyers who require flexibility:

  • Family gifted deposit and undervalue sales accepted;
  • Builder gifted deposit accepted;
  • Affordability calculation allows up to 40% debt to income;
  • Long term state benefits accepted;
  • Terms of up to 35 years to age 75;
  • Pension contributions and share save contributions added back into income.

Self-employed or contract workers:

  • Minimum trading history is just 12 months;
  • We use the last year’s income figure for affordability;
  • We use the overall share of net profit plus salary;
  • We add back in any discretionary spending such as pension and health scheme contributions;
  • Tax allowances can be added back in for affordability;
  • Capital raising for any legal purpose allowed;
  • Zero hours, fixed term and agency contracts considered.