Magellan introduces fixed rates
02 July 2015
Magellan Homeloans, the specialist mortgage lender, has extended its innovative credit repair product range to include a choice of 2 and 3 year fixed rates as well as a wider range of pricing options across its loan-to-value bands.
The enhanced credit repair product range, which is available immediately, features a choice of 2 and 3-year fixed rates starting from 5.95% and fixed completion fees of £995 for loans up to 70% LTV and £1,495 for loans up to 75% LTV.
Full product details, including rates and charges, are available from Magellan’s website: www.magellanhomeloans.co.uk
Simon Read, Managing Director, 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 tailored for customers who’ve experienced an unexpected event such as redundancy, business failure or divorce, which led to them incurring adverse credit, provided they:
- can provide a satisfactory ‘adverse credit explanation’
- have not incurred any adverse credit during the last 12 months
- can afford the loan for which they are applying
What’s more, 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 leading distributors, either direct to Magellan or via their Approved Packaging Partners, and includes First Complete, Homeloan Partnership, Ingard, In Partnership, Intrinsic, Julian Harris, Mortgage Advice Bureau, Openwork, Personal Touch, Pink Network, Sesame, Stonebridge Group, and Tenet.
Mortgage brokers can obtain further information at: www.magellanhomeloans.co.uk
