Adverse credit lender Magellan Homeloans has opened up its product range to directly authorised brokers.
Until this week, Magellan had been distributing its products via networks and packagers but it has now opened this to DAs.
DAs need to register with Magellan and, like ARs, will have to use one of the packagers on Magellan’s panel to submit cases.
In a note to brokers, the lender, which launched in August 2013, said: “[The] launch is another massive milestone for our business that will enable Magellan, with your help, to go on to achieve the success we all know is possible.
“I know that everyone at Magellan is looking forward to working alongside you and your teams to make this happen.”
Magellan’s near-prime range starts at 3.41 per cent and loans are available up to 85 per cent LTV. Its credit repair loans start at 5.95 per cent and are available to 75 per cent LTV.
All Types of Mortgages managing director Dale Jannels says: “This is fantastic news. There’s always been a high demand for Magellan products but because of the previous restrictions – certain ARs of certain networks – it’s been difficult to proceed.
“Magellan have some good product offerings with manual assessment and no credit scoring. Now that we can accept business from all brokers, I expect to see a large increase in volumes to the lender.”