Magellan Homeloans enters Help to Buy

Magellan Homeloans has announced its entry into the Help to Buy sector, with the Government-backed scheme now available across the entire Magellan residential mortgage product range.

The specialist lender says it is expert in understanding the needs of borrowers with complex income structures including self-employed applicants with just one year’s accounts, first-time buyers with no income multiples, and borrowers with historic credit impairment.

With no credit scoring and a bespoke manual underwriting approach utilised on every application, the lender claims be able to look at individual situations rather than just the numbers.

Rates start from 2.99 per cent and there is a fees-assisted option on all two and three-year fixed mortgages, offering no application fee, no valuation fee and £450 cashback on completion. Mortgage offers are valid for up to six months and proc fees are paid on exchange of contracts.

Magellan Homeloans sales director Jason Neale says: “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.”

PRIMIS and PTFS proposition director Vikki Jefferies says: “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.”

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