Select Partnership and Complete FS will both by offering Magellans new range aimed at borrowers that have experienced a one-off life such as redundancy or divorce which has left them with an adverse credit record.
Shaun Vickery, managing director of The Select Partnership, said: “We're delighted to be part of Magellan Homeloans launch and the team is relishing the opportunity to provide them with their first customers.
"When looking to do business with a new lender, it’s important to trust the people in charge and with Matt Gilmour, Alex Forrester and Clive Willson at the wheel, I know Magellan Homeloans will be a well-run business.
“Not only that, but they’ve identified a section of the market that has been under-serviced in recent years. Lenders have been nervous of lending to borrowers with adverse credit because of economic conditions and the somewhat unfair stigma that the credit crunch assigned the group.”
Tony Salentino, director at Complete FS, said that the launch of any new lender is a cause of celebration and that he was hopeful that the launch of Magellan could signal an opening up of the market to customers with credit issues.
He said: “New lenders are more of a rarity these days, so it with great pleasure that we welcome Magellan to the market.
“With their clear strategy of targeting those clients who have suffered a devastating one off event, which has compromised their credit rating but can explain the reasons and demonstrate they have their affairs back in order, Magellan is to be congratulated for filling a big gap in the market.
“Too many people have been effectively denied access to mortgages because high street lenders are only interested in the credit score rather than the reasons behind the data.
“Hopefully, we are seeing the start of a more inclusive mortgage market.”
