In response to adviser demand for lower rates and more choice for their clients Magellan have made improvements to the product range, which come into effect immediately. These include two new pricing tiers to provide even better value products for borrowers who don’t fit the strict criteria of high street lenders and those struggling with credit scoring systems.

Fixed rates have been reduced by as much as 0.5%. In addition, the extended product range enables a greater number of customers to access reduced borrowing costs.

The Complex Prime range offers an edge in terms of competitive pricing that also benefits from our manual underwriting approach and flexible borrowing criteria, whilst the Credit Repair range benefits from fixed rate products and greater pricing differentiation for borrowers.

As a reminder, Magellan’s 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, CCJs and defaults
• Who suffered a life event that led to historic credit problems including arrears, CCJs 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

The product ranges offer:

• Up to 85% LTV
• Rates starting at 3.10%
• 2 and 3 years fixed rates
• Variable rates with No ERC’s
• Affordability based on reversionary rates

Remember, Magellan Homeloans manually underwrites each application on its own merits and doesn’t use credit scoring.

Got a case in the pipeline?

Accepted Decision in Principles*
If your client wishes to benefit from our lower rate please contact us for a new Key Facts Illustration (KFI). Alternatively, if you submit an Application we will let you know if the client can be accepted on a lower rate product during the underwriting process.

New Applications*
If you are about to send, or will shortly be sending us a new Application, please advise us in your submission that you want one of our new products and we will arrange a new KFI as part of the underwriting process.

Existing Applications and Offers*
If you have an Application or Offer in our pipeline, please review the new product range and advise us if you want to transfer the borrower to one of our new products. Please bear in mind that any re-offers may cause delays to completions.

*Please be aware that the fee structure may have changed.