Magellan homeloans has announced a new range of products in the prime specialist residential mortgage sector, available across England, Wales, Scotland, called “Specialist Prime.”
The new range consists of two- and five-year fixed rate mortgages, with rates for the former starting at 2.74 per cent and the latter at 3.39 per cent. Both products have up to a 90 per cent LTV, with a fees free option and a maximum term across the range of 40 years’.
The firm’s new range requires a minimum of 12 months trading accounts for self-employed borrowers.
Magellan will consider up to 100 per cent of more complex employed income, including second jobs, shift allowance, zero-hours contracts, bonus, overtime and commission, where it is proven to have been consistent and is sustainable.
Unlimited family gifted deposits or equity as well as Help to Buy applications are also acceptable.
Magellan Homeloans managing director Simon Reed says: “We created Magellan Homeloans to meet the needs of those borrowers who were being turned down by other lenders because their profile didn’t fit.
“Our new “Specialist Prime” range is designed for the many borrowers who fall just outside of the criteria set by high street and credit scoring lenders.
“Whatever their circumstances, we can offer a flexible approach to help clients who don’t fit the mould.”