Magellan Homeloans launches into Scotland

Ryan Bembridge

October 16, 2018

Magellan Homeloans has launched into Scotland, opening up its range to all brokers north of the border.

Magellan offers products for the self-employed, first-time buyers, those on complex income structures and those with impaired credit profiles.

Simon Read, managing director, said: “Brokers tell us that there is a distinct lack of choice for complex borrowers in Scotland who need individually tailored mortgages.

“As specialists in helping people who have been turned down by the high street, we’re delighted to be expanding our offer in to Scotland.

“Our expertise in manual underwriting enables us to look behind the numbers and evaluate someone’s real life circumstances, providing an answer that may not be available elsewhere.

“We aim to provide a best-in-class service to our brokers from first consideration through to completion and to ensure we do this, we’ve recently created a new team of account managers to provide one-to-one contact and trebled our underwriting team.”

Products include 2 and 3-year fixes with rates starting from 2.99% on a 2-year fix at 70% loan-to-value.

Nathan Ellis-Calcott, director of specialist lending at Your Mortgage Expert, said: “For too long, the Scottish market has been underserved when it comes to specialist residential lending, so it’s fantastic news to see a lender like Magellan Homeloans offer their products to intermediaries and borrowers north of the border.

“We have been crying out for more lenders who use a common sense approach to underwriting, especially for those borrowers who don’t fit strict high street lending criteria.

“With the flexible near prime product range and the unique credit repair products, I look forward to working with Magellan to help get more Scottish customers into their dream home.”

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