Magellan Homeloans launch two new product ranges and substantial reductions in fixed rates pricing.
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.
