Specialist lender Magellan Homeloans has launched a fee free option on its 2 and 3-year fixed range of mortgages.
Without a completion fees, valuation or application fees, it negates the need for borrowers to find on average £1,430 and potentially up to nearly £3,000 in upfront fees.
Additionally, the products include the cost of the standard legal work on remortgages, whilst purchase cases will receive £450 cashback on completion. Rates include 2-year fixed from 3.59% at 70% LTV and 4.39% at 85% LTV.
Simon Read, managing director at Magellan Homeloans, said: “Buying a home is the biggest financial commitment most of us ever have and whether you’re remortgaging or moving home, we often have to make choices about how we spend our cash.
“Supporting intermediaries with these products means a wider choice for their clients. It also means borrowers won’t have the hassle of claiming money back at a later date as is the case with other ‘refundable-fees’ products.
“We’re constantly listening to our brokers about how we can help them to find suitable answers for the challenges their clients face when trying to find a mortgage.
“We pride ourselves on looking at each case on its merits and providing a bespoke, manual underwriting service, looking into the detail so we can often accept borrowers that others may not consider. This option adds to that armoury.”
Carl Shave, director at Just Mortgage Brokers, added: “Magellan’s introduction of their fees free and cashback products, together with a free standard mortgage valuation up to £600, demonstrates their ongoing commitment in the near prime and credit repair mortgage sector and for those borrowers needing a flexible approach to underwriting.
“Giving customers greater choice and, in turn, brokers more product variation should ensure they continue in our recommendations at Just Mortgage Brokers.”