Magellan Homeloans has announced a series of cuts to its product range and fees, the latter of which will run until the end of January.
The cuts apply across products in the lender’s Near Prime and Credit Repair ranges.
In the former, rates have been reduced by 0.40 per cent across all LTVs, with the latter seeing reductions ranging from 0.75 per cent to 2.50 per cent.
These reductions occur across two- and three-year fixed rates, including a fees free option which has no application or completion fees, free standard legal fees on remortgages and £450 cashback in mortgage purchase.
The firm is also implementing cuts to its standard admin and valuation fees by up to 50 per cent for applications received up until the end of January 2019.
Magellan managing director Simon Read says: “The success of our fees free offering demonstrates that borrowers do look at fees when making mortgage decisions, so it made sense to hold a ‘January Sale’ when money is always tighter than usual, but people are starting to make plans for the year, including moving home.”