Specialist mortgage lender Magellan Homeloans has cut its two-year fixed rate mortgages by up to 1.01 per cent.
The rate reductions have been made on mortgages up to 85 per cent loan-to-value in its Complex Prime range, which offers a choice of two and three-year fixed rates and Libor trackers with rates starting from 2.99 per cent.
Complex Prime products are aimed at borrowers who are unable to obtain a mortgage from high street lenders, including those who are self-employed and who have complex incomes.
Sales director Jason Neale said: “These cuts of up to 1.01 per cent on our two-year fixes will be welcome news for both brokers and their clients.
“Our tracker rates have also been brought in-line with our fixed rates, giving borrowers a choice of either a fixed rate, or a variable rate deal with no early repayment charges.”
In 2015 the firm made its mortgage range available to directly authorised advisers for the first time, following a pilot of its Near Prime range, which targets borrowers turned down by mainstream lenders because of their credit profile.
Rob Jupp, chief executive at Essex-based Brightstar, said: “This is a welcome addition to the specialist range of first charge mortgage products and demonstrates the improvements of costed funds due to the performance of specialist loans being written in today’s market.”
simon.allin@ft.com
