Head of Content
Mortgage Advisor & Director
Magellan Homeloans
About Magellan Homeloans
Magellan Homeloans are a mortgage lender that we have a long-standing working relationship with. Our mortgage brokers have a deep understanding of their product range and a strong track record helping our customers secure the finance they need from this provider.
If you are interested in applying for a mortgage with Magellan Homeloans, it’s always advisable to speak to a mortgage broker first. They can establish whether Magellan Homeloans is the ideal lender for you, compare their deals with every alternative on the market, and help you secure the best rate.
Compare Magellan Homeloans Mortgages Online in Seconds
We work with 90+ mortgage lenders from across the market, including Magellan Homeloans. We can help you compare mortgage rates from different lenders and find the best deal for you.
Our brokers will review rates at 90+ lenders to find the ideal mortgage for you. We'll show you the latest deals from Magellan Homeloans and others so you can make an informed decision about which option is right for you.
To get started, fill in our quick online form or call 01484 242424 to speak to our expert mortgage advisers today!
What type of mortgages do Magellan Homeloans offer?
Magellan Homeloans offer a range of mortgages for borrowers from various demographics and they update their product range regularly. Although they are a reputable lender, approaching them directly to apply for, or enquire about, a mortgage is not recommended.
If you were to go direct to Magellan Homeloans, you would be limiting yourself to just one range of mortgage products and run the risk of missing out on a better deal elsewhere.
This is exactly why you should speak to a broker before choosing a Magellan Homeloans mortgage product. They will compare Magellan Homeloans’s deals with 90+ other lenders from across the market and offer bespoke advice on which one to choose, boosting your chances of a good outcome.
What interest rates are available?
Mortgage lenders such as Magellan Homeloans tend to change their mortgage rates all the time depending on a range of factors, including current market conditions and the Bank of England base rate.
Magellan Homeloans and their competitors determine what interest rate you will qualify for based on the following factors:
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Loan-to-value ratio: The amount of deposit you have is a key factor in determining the mortgage rate you qualify for. The more you can put down, the better your chances of landing a good deal, with the best rates reserved for those with 40% plus.
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Credit history: Having adverse credit can reduce the number of deals you qualify for with Magellan Homeloans, making it harder to get the best interest rate.
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Other factors: Other variables that can increase your chances of landing a low rate with Magellan Homeloans include the amount of income you have (the more, the better), your age (under 75 preferred) and the property type (standard construction preferred) as these factors can also determine the number of deals you qualify for.
Our brokers can determine what mortgage rate you will qualify for with Magellan Homeloans by reviewing the above variables and can inform you whether a better one is available elsewhere.
Do Magellan Homeloans offer bad credit mortgages?
It may be possible to get a mortgage with a history of bad credit from Magellan Homeloans, but whether your application is successful will depend on the circumstances surrounding your credit issues as well as the overall strength of your application.
Your chances of getting approved for a mortgage will come down to these factors:
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The severity of the bad credit: Issues such as the odd missed payment are easier for lenders to overlook than severe credit problems like bankruptcy or repossession.
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How long ago it occurred: The longer ago the issue occurred, the better. Minor credit problems can be disregarded after 2-3 years but it can take between 6 and 7 years for your credit reports to recover from a serious issue, like a bankruptcy.
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Why it occurred: Having bad credit due to general financial mismanagement is a red flag for mortgage lenders, but if your credit issues are the result of an unexpected life event, such as redundancy, Magellan Homeloans might be more sympathetic to your situation.
Please note that the mortgage rates available to you might be higher if you have bad credit, and you may have to put down a higher amount of deposit to get approved.
First-time buyer mortgages
Magellan Homeloans offer a range of mortgages for first-time buyers but it’s a good idea to consult with a mortgage broker to explore your alternatives before applying for one of their deals.
As a first-time buyer, there are a number of options you could explore with your mortgage adviser, including government schemes and housebuilder incentives.
Our brokers can compare Magellan Homeloans first-time buyer mortgages with deals across the market to ensure you secure the ideal finance to fund your property purchase.
Self-employed mortgages
Magellan Homeloans will never decline a mortgage applicant purely on the basis that they are self-employed but keep in mind that some lenders are better equipped to cater for borrowers who trade this way than others.
Self-employed people are able to apply for the same mortgages with Magellan Homeloans as those in full-time employment, but the amount of deals available to you can be affected by how much trading history you have.
Speaking to a mortgage broker is recommended if you have been self-employed for less than two years, as you may need a specialist lender for people with limited trading history.
Do you need a broker to apply for a mortgage with Magellan Homeloans?
It is highly recommended that you speak to a mortgage broker before you apply for a mortgage with any lender, whether that’s Magellan Homeloans or another UK provider.
There are many advantages to consulting with a broker, rather than going direct to a lender, not least the fact that you won’t be limiting yourself to just one line of products.
Here are some of the other benefits of applying for your mortgage through a broker:
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They will compare deals from 90+ lenders for you
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They can access exclusive, broker-only rates and deals
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You’ll get help with all of your paperwork
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We can save you time and money by matching you with the right lender, first time
Our brokers have a deep working relationship with Magellan Homeloans and will compare their latest deals with equivalent products from 90+ other providers to find your ideal mortgage.
How to apply for a mortgage with Magellan Homeloans
We can guide you through the process of applying for a mortgage with Magellan Homeloans. Simply make an enquiry with us and one of our independent advisers will walk you through the initial steps.
These steps will include:
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Optimising your credit reports and getting you mortgage ready
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A full comparison of rates across the market to establish whether Magellan Homeloans is the right lender for you
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Applying for an agreement in principle
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Moving ahead to full application
Make an enquiry here to begin a free, no-obligation chat with a mortgage broker who knows Magellan Homeloans’s product range well and can compare their deals with every alternative for you.
FAQs
Typically up to 95% of the property’s value or the equivalent of 4.5 times your annual household salary. There are, however, mortgage lenders who use higher income multiples than 4.5 (all the way up to 6-7 times income) to determine maximum borrowing.
The higher income multiples are typically reserved for borrowers with strong applications.