Magellan introduces fixed rates

Sarah Davidson

July 3, 2015

Fixed completion fees are £995 for loans up to 70% loan-to-value and £1,495 for loans up to 75% loan-to-value.

Simon Read, managing director of lending at Magellan Homeloans, said: “With fixed rates continuing to be borrowers’ preferred option, we’re delighted to be launching these new pricing options.

“I have no doubt these rates will be warmly welcomed by the many borrowers who prefer to know what their payments will be during the initial years of their loan, especially with interest rates being forecast to rise during the first half of next year.”

Magellan Homeloans is the only lender that offers a credit repair mortgage range designed for those with a less-than-perfect record of repaying their credit commitments. It is tailored for customers who have experienced an unexpected event such as redundancy, business failure or divorce which led to them incurring adverse credit.

In order to qualify for a credit repair mortgage range they have to: be able to provide a satisfactory adverse credit explanation; not have incurred any adverse credit during the past 12 months; and demonstrate they can afford the loan for which they are applying.

For a credit repair mortgage range, Magellan Homeloans manually underwrites each application on its own merits and doesn’t use credit scoring.

Magellan Homeloans products are available via a panel of distributors including First Complete, Homeloan Partnership, Ingard, In Partnership, Intrinsic, Julian Harris, Mortgage Advice Bureau, Openwork, Personal Touch, Pink Network, Sesame, Stonebridge Group, and Tenet.

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