Magellan Homes

Not_a_happy_man

Hi

Has anyone used Magellan Home Loans for a mortgage?

Thanks

GMS

Why do you need to use Magellan?

amnblog

Highly specialised. If you are using them, you won't have many other options.

ACG

Agreed, Magellan are usually a last chance saloon lender. Although some brokers tend to use them for any adverse which is like using a hammer to crack a nut on occassions.

Theyre not the easiest lender, but thats usually because their applicants are not mainstream.

Not_a_happy_man

Got turned down for mortgage from Halifax, as there was a delfult on my credit history that I was unaware of, one realised I paid the outstanding bill. We then appealed to Halifax but they wouldn't change their mind. So was advised to go with Magellan homes. They know all the history and got mortgage in principle with them, just sent off application

ACG

When is the default from?
How much for?

Thrugelmir

Not_a_happy_man wrote: »

They know all the history and got mortgage in principle with them, just sent off application

What they'll need to be convinced of is that the default was a one off event. That was caused by a specific reason. Any indication that you stalled repayment or appear not to have learnt the lesson. May influence their decision in some way.

kingstreet

I thought this was going to be a newbuild thread!

Senior_Paper_Monitor

Frankly I suspect that Magellan is a bit of overkill - if this is as reported a single default (unless its very large, very recent or both).

If the description is accurate, I'm surprised that Magellan are accepting it as they are very insistent that applicants 'need' adverse credit facilities.

Thrugelmir is correct in as much as Magellan look closely at 'the adverse credit being a life event' and 'demonstration of good behaviour since'.

It is dangerous making suggestions without the benefit of a full background, but it seems unusual for a case that was considered worth an appeal with Halifax moves to a Magellan application as next choice. At least three lenders leap to mind as cheaper alternatives (but I repeat my 'unless recent/large' caveat - although even Magellan require that a default [unless within a DMP] is 12 months old and that also matches one of lenders I am thinking of).

Something here doesn't make sense about either 1) the information given 2) the decision to go to Magellan - and the more I think about it, the more confused I am !

amnblog

Halifax to Magellan is one hell of a leap.

Like not finding what you want in Poundland and ignoring all the other shops and going into Harrods.

Not_a_happy_man

ACG wrote: »

When is the default from?
How much for?

£2000 default was dates 4 years ago.

I was advised by a a mortgage advisor to got mo Magellan homes.