Magellan Homeloans has today announced it is extending its credit repair product range to include fixed-rate mortgages.
The specialist mortgage lender is also offering a wider range of pricing options across its loan-to-value (LTV) bands.
Customers can now choose from two- and three-year fixed rates starting from 5.95 per cent and fixed completion fees of £995 for loans up to 70 per cent LTV and £1,495 for loans up to 75 per cent LTV.
Magellan’s credit repair mortgage range is designed for customers who have experienced an unexpected event such as redundancy, business failure or divorce, which has affected their credit history.
The lender does not use credit scoring. To receive a loan customers have to provide a satisfactory ‘adverse credit explanation’, prove they have not incurred any adverse credit during the last 12 months and that they can afford the loan for which they are applying. Full details about the range are available on the company’s website.
Simon Read, managing director of the lending business of 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 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.
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