Magellan Homes

amnblog

There are at least four other lenders that most lenders would consider before Magellan.

ACG

A £4,000 default you were unaware of?

Find another broker!
There are potetially high street lenders who will look at this, even if it can not be placed on the high street there are quite a few options before you get to the likes of magellan.

Whoever your broker is, they need sacking! Thats valid complaint territory. Looking a their 2 year fixed at 75% - 6.65%, I reckon you could get at least 2% off those rates if not more.

Kopkings84

I am currently applying for a Mortgage through Magellan home loans.
We are on our 2nd week of applying and have been told they do not rush.
My advisor went to a few other adverse creditors before getting a MIP from Magellan.
Fingers crossed haha

Neutrinno

Kopkings84 wrote: »

I am currently applying for a Mortgage through Magellan home loans.
We are on our 2nd week of applying and have been told they do not rush.
My advisor went to a few other adverse creditors before getting a MIP from Magellan.
Fingers crossed haha

Good luck.

If you don't mind me asking, what is your situation in terms of poor credit to look at Magellan?

Kopkings84

Missed payments over 30 months old, 1 default 25 months old and DMP finished march 2016

ap1985

Either you guys have terrible brokers or I just got lucky...I had a DMP which finished a year before I applied for a mortgage and a CCJ and defaults which are due to fall off next year and I got accepted by a high street lender... are there problems with your affordability or lack of deposit?

ACG

Magellan have become a little more "competitive" since this thread was made but I would still argue that Magellan is overkill for your situation kopkings.

Have you spoken to a broker who specialises in adverse? Their fees may be a little more, but if they can save you that in lenders fees and the rates surely that is better?

Kopkings84

I am going for near prime tier 1 so not that bad an interest rate. Not to bothered just want to get a mortgage then can change it for a more competitive one in 2 years

Kopkings84

ACG I understand where you are comcurrently by from but we had tried two or three adverse companies expressed Magellan. They all said no so this was last resort. Like I said get on with it for two years then try for a more competitive rate.
It's better then £7000 a year on someone else's mortgage

BADBYBABE

Hi we are currently waiting for mortgage approval from Magellan Homeloans. We have an AIP and our full application went in on the 11th of August, does anyone know what the turnaround is for approval. Our valuation fee was taken out on Monday. Apparently we passed the credit checks and it is now with the underwriter.