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Magellan Homeloans launches Fees Free option on fixed term mortgages

12 June 2018

Today Magellan Homeloans, the specialist lender, launches a Fees Free option on their two and three year fixed range of mortgages.

The option means no completion fee and no valuation or application fee, negating the need for borrowers to find on average £1,430 and potentially up to nearly £3,000 in upfront fees. Additionally, the products include the cost of the standard legal work on remortgages, whilst purchase cases will receive £450 cashback on completion.

Rates include two year fixed from 3.59 per cent at 70 per cent LTV and 4.39 per cent at 85 per cent LTV.

Simon Read, MD Lending said, “Buying a home is the biggest financial commitment most of us ever have and whether you’re remortgaging or moving home, we often have to make choices about how we spend our cash. Supporting intermediaries with these products means a wider choice for their clients. It also means borrowers won’t have the hassle of claiming money back at a later date as is the case with other 'refundable-fees' products.

“We’re constantly listening to our brokers about how we can help them to find suitable answers for the challenges their clients face when trying to find a mortgage. We pride ourselves on looking at each case on its merits and providing a bespoke, manual underwriting service, looking into the detail so we can often accept borrowers that others may not consider. This option adds to that armoury.”

Carl Shave, Director at Just Mortgage Brokers added, “Magellan’s introduction of their fees free and cashback products, together with a free standard mortgage valuation up to £600, demonstrates their ongoing commitment in the near prime and credit repair mortgage sector and for those borrowers needing a flexible approach to underwriting. Giving customers greater choice and, in turn, brokers more product variation should ensure they continue in our recommendations at Just Mortgage Brokers.”