Magellan Homeloans, the specialist mortgage lender, has launched a range of mortgage deals with no up-front fees.
The deals across Magellan’s range of Complex Prime products are available exclusively via accredited packagers.
The home loans include a free valuation (up to £600), free legal fees on all remortgages, a £450 cashback on all purchases and the ability to add completion fees to the loan.
Jason Neale, sales director at Magellan Homeloans, said: "These deals enable packagers to offer brokers greater choice and flexibility when advising clients.
“Many borrowers find paying up-front fees and charges a real problem and these special deals enable brokers to address that issue head on.”
Gina Blagden, head of residential mortgages at Brightstar, said: “Anything that helps to make applying for a mortgage more affordable for borrowers has to be welcomed.
“I think this initiative will be well received by brokers and their clients, who will appreciate the option to offset some of the up-front costs of taking out a mortgage”.
Magellan’s Complex Prime and Credit Repair products have been designed for borrowers who are unable to obtain a mortgage from a high street lender, including those who are self-employed and who have complex incomes.
Magellan doesn’t use credit scoring, preferring instead to manually underwrite applications and individually assess each case on its own merits.
emma.hughes@ft.com
