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Magellan cuts fixed rates on complex prime mortgages
Specialist lender Magellan Homeloans has cut its two-year fixed rate across its range of complex prime mortgage products.
Rates have been reduced by up to 1.01% on mortgages up to 85% LTV.
The complex prime range offers two- and three-year fixed rates and Libor trackers, with rates starting from 2.99%.
Jason Neale, sales director at Magellan, said that the cuts on its two-year fixes will be welcome news for both brokers and their clients.
“Our tracker rates have also been brought in-line with our fixed rates, giving borrowers a choice of either a fixed rate, or a variable rate deal with no early repayment charges,” he added.
Magellan doesn’t use credit scoring and all mortgages are manually underwritten.
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