Magellan Homes

BADBYBABE

Hi get ready for a long wait. It took us four months to finally get our mortgage. You have to chase them all the time they seem to have a turnaround of 4 days for every question you reply to. We applied last August and finally got our mortgage in November. Hopefully things have improved by now. Sorry I couldn't give you more positive feedback.

mortgage1st

WOW that's quite a long time. Well we shall see that seems an incredibly long time. I hope it has improved since then, I do know they have a new underwriting team so I am hoping it'll be quick! How long after you made your full application was your survey done?

BADBYBABE

Ages, if you go back through this thread you will see all the stress we had. I hope for your sake they have improved as we never want to move again!

Bbee

I don’t think there has been much improvement. Our broker got us a dip from Magellan and we submitted our application to them on the 23rd August. We were told we would be informed of outcome within 3 business days, taking into consideration bank holiday. Since then when our broker contacts them he gets told the same answer everyday from Magellan ‘we will reach a decision by end of business today’. We have been told this at least 5 times. It’s really frustrating as we are in the middle of the chain and could lose the house. We have provided everything they asked for on the personalised list. Our broker said they should be in a position to instruct the valuation once they are happy with application. He also told us our application has been given to a new trainee underwriter and the senior underwriter was suppose to completing the checks today and this is the reason why it’s taking longer. I wish they would inform you this at the start so you know what to expect ��

timetobuyahouse2018

We had a DIP from Magellan & I have just posted my mortgage application back today. I can see from past posts that they seem to be pretty slow getting a decision back.....has everyone has the same problem with them? Any tips on how to speed them up??

timetobuyahouse2018

Just wanted to find out how you got on with your application...

frostreb

It doesn’t sound like they have improved at all! we got our DIP last august an didn’t move into our house until December! magellan were just so slow at replying to everything so frustrating ! and they seemed to ask the same questions all the time.If it wasn’t for our broker i would’ve given up!!

MortgageMamma

I have a case in with Magellan currently, it went in mid September and we still don't have an offer and my client risks losing the property. It wasn't a straightforward case by any means but they had all they needed in October apart from a payslip for November showing a reduced pension contribution. That went in 3rd December, they didn't look at it despite several emails to the business development manager until 14th, when the underwriter said the client didn't have affordability and we needed to get 4 more payslips to calculate overtime. The affordability had already been agreed in October and we were promised the wage slip was the last thing needed for an offer.

This is the first time I've used Magellan and the last. My client now seriously unwell with stress and has probably lost her property not to mention hundreds of pounds in legal fees.

I would rather turn down business and tell a client it can't be done before using these clowns again.

DO NOT USE

MM

Nida246

Hello

My partner and I took out a mortgage with Magellan in February this year.

I was wondering if anyone from the earlier posts, have tried remortgaging after 2 years to a high street lender and if they were successful in doing so?

Thanks! ��