Specialist mortgage lender Magellan Homeloans has launched into the Help to Buy sector, offering Help to Buy: Equity Loan, London Help to Buy and Help to Buy Wales.
Rates start from 2.99% and there is a fees assisted option on all 2 and 3-year fixed mortgages, offering no application fee, no valuation fee and a £450 cashback on completion. Other benefits include mortgage offers valid for up to six months and proc fees paid on exchange of contracts.
Jason Neale, Wales director at Magellan, said: “I’m delighted that we can offer our expertise and extensive product range to Help to Buy borrowers who may have struggled previously to find a lender who could meet their complex needs.
“Add to that our aim of providing a best-in-class service and I believe we can really add value to brokers and their Help to Buy clients.”
Vikki Jefferies, proposition director at PRIMIS and PTFS, added: “We strongly welcome Magellan’s entry into the Help to Buy market.
“As a sector that will benefit greatly from innovation and development, Magellan is a great fit to bridge the numerous gaps, particularly when it comes to those customers with more complex circumstances who don’t qualify for traditional high street products.
“Inclusive, flexible options with the added benefit of the human element are all factors our advisers have told us they value so we are sure Magellan will be a popular choice amongst intermediaries.
“We look forward to future opportunities where we can work together to strengthen the market even further.”
Paul Gray, director at new build specialist broker 313 Financial, said: “This is great news particularly for first-time buyer, self-employed and credit impaired clients in a new build oriented environment.
“As well as being able to help more clients this will also assist us greatly in our already strong strategic partnerships with some of the UK’s leading builders.”
Magellan is experts for those with complex incomes like self-employed borrowers with just one year’s accounts, first-time buyers with no income multiples and borrowers with historic credit impairment.