Trying to get a decision from Magellan Homes

Homebuyer1973

Hi Everyone

I don't usually post on forums but quite frankly I'm at the end of my tether. Last summer I got offered a promotion which I required us to relocate. We tried getting a mortgage over the summer but because we have a DMP and my DH is part self employed, part employed we had no luck in getting lending. We also discovered that there were mistakes on our credit file which needed correcting. We found a new broker, who in November last year, got us a DIP from Magellan. We finally managed to sell our house at the beginning of February and promptly made an offer on a suitable house in the right location. We paid our Mortgage Valuation Fee on the 21st of February and it still hasn't been done. We submitted all what Magellan required but they just keep asking for more, or they claim evidence is unreadable, or that wages don't match bank statements when they clearly do as I have double checked them myself. It all seems a bit suspicious to me and sounds like delay tactics. Our broker is very good and is doing all he can. If they don't want to lend to us then just tell us for goodness sake. Today I had a phone call from our vendors estate agents. She didn't say as much but it sounds like they are getting gittery. Our buyers too want to complete ASAP. Any help and advise would be very much appreciated, thanks :money:

Bbee

Hi, I know this is an old thread, just wanted to ask how you got on as we submitted our application on the 24th and still waiting, we had a dip from Magellan first. They initially said a 3 day turnover to reach a decision and now everyday for the last week we get told that they will inform us of their decision by the end of business. Today we were told they have new trainee underwriters that have checked our application and the senior underwriter will complete today, but no one rang us back.. :mad:

NervyBuyer18

Hi,

I don’t have any help for your question but wanted to find out how your application is going. We have one with the underwriters at the moment and my heart keeps skipping a beat with the waiting. It’s torture!

timetobuyahouse2018

Hi, we have a DIP with Magellan and I am just about to send my full application back today. I am worried now that I am reading these comments that they will drag it out..... anyone else having problems with getting a decision from Magellan?!?!? Any tips on how to speed them up as we want to move as quickly as possible as no chain!

amnblog

Magellan are Lenders right on the outside of the range for credit complications.

This makes your cases complex which means much scrutiny their end and a manual process.

Everyone will need to be patient. If you need to use a Lender like Magellan, any offer is a major result and won't come easy.

timetobuyahouse2018

I am keen to find out how your application went and how long you waited for a decision?