These products were designed to help borrowers who struggle to obtain a mortgage on the high street.
Magellan Homeloans has launched a range of mortgage deals with no up-front fees which are available exclusively via accredited packagers.
The deals are available across Magellan’s range of complex prime products and include a free valuation of up to £600, free legal fees on all remortgages and a £450 cashback on all purchases.
The deals also feature 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.”
Magellan’s complex prime and credit repair products were designed specifically for borrowers who struggle to obtain a mortgage from a high street lender, including the self-employed and those who have complex incomes.
Gina Blagden, head of residential mortgages at Brightstar, added: “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.”
