Magellan Homeloans offer mortgages for up to four applicants
Magellan Homeloans, the specialist first charge mortgage lender, has further improved its lending criteria by announcing it will now lend to up to four applicants. The enhancements apply to their Complex Prime and Credit Repair ranges and will serve to ease affordability issues on mortgage applications.
With the cost of buying property continuing to rise and many people unable to afford to buy without pooling their incomes with friends and family, Magellan see this new initiative as being able to help more borrowers get on the housing ladder or move home.
With mainstream lenders still restricting their lending to prime customers with excellent credit records and able to afford a sizeable deposit, Magellan see their more specialist criteria as able to help an often underserved sector of the market in the house buying process.
Jason Neale, Sales Director at Magellan Homeloans, said:
“As a specialist lender with flexible underwriting, we are often approached to find solutions for borrowers who are struggling to qualify for the strict affordability rules of high street lenders.
“Quite often there is scope to include multiple applicants and the overall household income when assessing affordability, so we are delighted to now include up to 4 applicants and their respective incomes on all applications. This coupled with our other innovative criteria and new mortgage portal – the Magellan Hub, will ensure Magellan remains first choice for flexible, affordability solutions.”