All Stonebridge advisers now have access to Magellan’s range of credit repair mortgage products which aim to help residential borrowers who have suffered one-off life events such as redundancy, divorce or long-term illness - which subsequently led to financial difficulties - get back on the housing ladder.
Magellan Homeloans was launched in the summer of 2013 and is aimed at those former adverse-credit borrowers who now have their finances back under control and can demonstrate they have not incurred any further adverse credit during the last 12 months.
Magellan will consider borrowers who have had some of the following types of adverse credit in their past: five CCJs of any value, defaults or arrears, bankruptcy, IVAs, debt management plans and debt relief orders. The lender will also consider self-employed borrowers with just one years’ worth of trading records.
Earlier this year Magellan cut its product rates by up to 3.1% and revamped its entire product range – rates on this new range of products now start at 5.42%.
Richard Adams, managing director of Stonebridge Group, said: “We have been championing the introduction of Magellan Homeloans into the residential mortgage market for some time as it gives those borrowers who have suffered adverse credit difficulties in the past a chance to secure a mortgage and begin the process of returning them to the mainstream market.
“Many individuals, through no fault of their own, have suffered one-off life events such as unemployment or divorce which have often had a devastating effect on their finances.
“Magellan caters for those borrowers who have been adverse-credit free for over 12 months as well as providing options to those such as the newly self-employed who have taken the opportunity to set up their own business in the last couple of years.
“To my mind, lenders such as Magellan are vital to re-establishing a ‘normal’ mortgage marketplace which allows those who have been in financial difficulty to secure finance and move back to mainstream status.
“I am confident that Stonebridge advisers will embrace this opportunity and we will be able to help many such borrowers. We are all looking forward to working with the Magellan team and are delighted to have been added to the distribution panel.”
Mark Snape, managing director lending at Magellan Homeloans, said: “We’re delighted that we’ll be working with Stonebridge to make our unique credit repair products available to their advisers.
“As the mortgage market continues down the road to recovery, it’s important that borrowers who may have encountered difficulties in the past, but have since demonstrated their ability to manage their finances responsibly, are given a chance to get back on the housing ladder once again.
“From our discussions with Stonebridge it is clear that the newly formed relationship offers exciting opportunities for both parties to grow their respective businesses. I am looking forward to working with Richard and his team.”
