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Magellan Homeloans

Magellan Home Loans is for customers who have experienced a bad event in their life that has affected their credit by causing CCJs, bankruptcy, defaults and the like.

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Reason for mortgage
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years
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Rate type Initial rate Fees Overall cost
APRC

Overall costs for comparison. This is a way of comparing most costs including interest and fees.

Monthly cost
Rate type
Discounted 31/01/2019
Initial rate
0.98%then 4.74% (variable)
Fees
£1,972fees
Overall cost
4.1%APRC
Monthly cost
£601.55 for 24 months then £885.11 (variable)
for 276 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Scotland, Wales
  • Aged 18 or older
  • 75 or younger at mortgage end
  • No repossessions
  • Up to 65.0% loan-to-value (LTV) available.
  • Eligible for first-time buyers, home movers.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 31/01/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £260,698 includes: Loan amount (£160,000); Interest (£98,726); Application fee (£1,495); Valuation fee (£270); Legal fee (£117); Funds transfer fee (£0); Mortgage discharge fee (£90); Deeds release fee (£0); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Fixed 31/03/2019
Initial rate
0.99%then 3.69% (variable)
Fees
£2,051fees
Overall cost
3.3%APRC
Monthly cost
£602.27 for 24 months then £799.62 (variable)
for 276 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Scotland, Wales, Northern Ireland
  • Aged 18 or older
  • No County Court Judgements (CCJs)
  • No arrears
  • No defaults
  • No bankruptcies
  • No repossessions
  • Available for shared ownership
  • Up to 65.0% loan-to-value (LTV) available.
  • Eligible for first-time buyers, home movers.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 31/03/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £237,202 includes: Loan amount (£160,000); Interest (£75,151); Booking fee (£249); Application fee (£1,250); Valuation fee (£227); Legal fee (£295); Funds transfer fee (£30); Mortgage discharge fee (£0); Deeds release fee (£0); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Fixed 05/12/2018
Initial rate
1.09%then 3.69% (variable)
Fees
£1,707fees
Overall cost
3.3%APRC
Monthly cost
£609.54 for 24 months then £800.36 (variable)
for 276 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Scotland, Wales, Northern Ireland
  • Aged 18 or older
  • 75 or younger at mortgage end
  • No County Court Judgements (CCJs)
  • No arrears
  • No defaults
  • No bankruptcies
  • No repossessions
  • Up to 60.0% loan-to-value (LTV) available.
  • Eligible for first-time buyers, home movers.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 05/12/2016. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £237,235 includes: Loan amount (£160,000); Interest (£75,528); Booking fee (£1,450); Valuation fee (£227); Funds transfer fee (£30); Mortgage discharge fee (£0); Deeds release fee (£0); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Fixed 31/03/2019
Initial rate
1.09%then 3.69% (variable)
Fees
£1,551fees
Overall cost
3.3%APRC
Monthly cost
£609.54 for 24 months then £800.36 (variable)
for 276 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Scotland, Wales, Northern Ireland
  • Aged 18 or older
  • No County Court Judgements (CCJs)
  • No arrears
  • No defaults
  • No bankruptcies
  • No repossessions
  • Available for shared ownership
  • Up to 60.0% loan-to-value (LTV) available.
  • Eligible for first-time buyers, home movers.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 31/03/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £237,079 includes: Loan amount (£160,000); Interest (£75,528); Booking fee (£99); Application fee (£900); Valuation fee (£227); Legal fee (£295); Funds transfer fee (£30); Mortgage discharge fee (£0); Deeds release fee (£0); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Fixed 31/03/2019
Initial rate
1.09%then 3.69% (variable)
Fees
£1,301fees
Overall cost
3.3%APRC
Monthly cost
£609.54 for 24 months then £800.36 (variable)
for 276 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Scotland, Wales, Northern Ireland
  • Aged 18 or older
  • No County Court Judgements (CCJs)
  • No arrears
  • No defaults
  • No bankruptcies
  • No repossessions
  • Available for shared ownership
  • Available for existing customers only
  • Up to 60.0% loan-to-value (LTV) available.
  • Eligible for first-time buyers, home movers.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 31/03/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £236,829 includes: Loan amount (£160,000); Interest (£75,528); Booking fee (£99); Application fee (£650); Valuation fee (£227); Legal fee (£295); Funds transfer fee (£30); Mortgage discharge fee (£0); Deeds release fee (£0); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Fixed 31/03/2019
Initial rate
1.09%then 3.69% (variable)
Fees
£1,551fees
Overall cost
3.3%APRC
Monthly cost
£609.54 for 24 months then £800.36 (variable)
for 276 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Scotland, Wales, Northern Ireland
  • Aged 18 or older
  • No County Court Judgements (CCJs)
  • No arrears
  • No defaults
  • No bankruptcies
  • No repossessions
  • Available for existing borrowers switching deals only
  • Available for shared ownership
  • Up to 60.0% loan-to-value (LTV) available.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 31/03/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £237,079 includes: Loan amount (£160,000); Interest (£75,528); Booking fee (£99); Application fee (£900); Valuation fee (£227); Legal fee (£295); Funds transfer fee (£30); Mortgage discharge fee (£0); Deeds release fee (£0); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Tracker 28/02/2019
Initial rate
1.14%then 3.74% (variable)
Fees
£1,480fees
Overall cost
0.1%APRC
Monthly cost
£152.00 for 24 months then £487.30 (variable)
for 276 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Scotland, Wales
  • Aged 18 or older
  • 75 or younger at mortgage end
  • Up to 60.0% loan-to-value (LTV) available.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 28/02/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £139,622 includes: Loan amount (£160,000); Interest (-£21,858); Application fee (£995); Valuation fee (£450); Funds transfer fee (£35); Mortgage discharge fee (£0); Deeds release fee (£0); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Tracker 28/02/2019
Initial rate
1.14%then 3.74% (variable)
Fees
£1,480fees
Overall cost
0.1%APRC
Monthly cost
£152.00 for 24 months then £487.30 (variable)
for 276 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Scotland, Wales
  • Aged 18 or older
  • 75 or younger at mortgage end
  • Up to 60.0% loan-to-value (LTV) available.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 28/02/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £139,622 includes: Loan amount (£160,000); Interest (-£21,858); Application fee (£995); Valuation fee (£450); Funds transfer fee (£35); Mortgage discharge fee (£0); Deeds release fee (£0); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Tracker 28/02/2019
Initial rate
1.14%then 3.74% (variable)
Fees
£1,480fees
Overall cost
0.1%APRC
Monthly cost
£152.00 for 24 months then £487.30 (variable)
for 276 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Scotland, Wales
  • Aged 18 or older
  • 75 or younger at mortgage end
  • Up to 60.0% loan-to-value (LTV) available.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 28/02/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £139,622 includes: Loan amount (£160,000); Interest (-£21,858); Application fee (£995); Valuation fee (£450); Funds transfer fee (£35); Mortgage discharge fee (£0); Deeds release fee (£0); Fees are assumed to be paid up front and not included in the amount borrowed.
Rate type
Discounted 31/01/2019
Initial rate
1.15%then 4.74% (variable)
Fees
£1,602fees
Overall cost
4.2%APRC
Monthly cost
£613.92 for 24 months then £886.48 (variable)
for 276 months
Am I eligible?
Please make sure you at least meet the following criteria:
  • Resident of: England, Scotland, Wales
  • Aged 18 or older
  • 75 or younger at mortgage end
  • No repossessions
  • Available for existing borrowers switching deals only
  • Up to 65.0% loan-to-value (LTV) available.
  • Eligible for home movers.

Additional criteria for acceptance from the lender may apply.

Assumed application completion date of 31/01/2017. Repayment mortgage of £160,000 payable over 300 monthly repayments. Total amount payable £261,005 includes: Loan amount (£160,000); Interest (£99,403); Booking fee (£130); Application fee (£995); Valuation fee (£270); Legal fee (£117); Funds transfer fee (£0); Mortgage discharge fee (£90); Deeds release fee (£0); Fees are assumed to be paid up front and not included in the amount borrowed.
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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

About Magellan Homeloans

Magellan Home Loans is the trading name of Mars Capital Finance Ltd. The company was formed in 2008 and is a specialist mortgage lender for customers with an adverse credit history. Magellan Home Loans is for customers who have experienced a bad event in their life that has affected their credit by causing CCJs, bankruptcy, defaults and the like. Examples of a non-recurring event include a bereavement, serious illness or death in the family.

Magellan Home Loan advisors aim to fully understand the circumstances that led to a period of adverse credit. By doing so, they will try and help customers improve their level of financial stability. Customers will be expected to demonstrate that their situation is resolved and that they are able to afford mortgage repayments.

Applicants will be required to disclose the details of the event that affected their credit record. They will also be required to provide evidence to support their claims. Mortgage products offered by Magellan Home Loans are only available via selected intermediaries and financial advisors.

There are a range of Magellan Home Loans mortgages for customers with adverse credit. Affordability will be examined closely as part of an application for a Magellan Home Loans mortgage. Applicants must be able to demonstrate that are not dependent on short term credit solutions.

The Magellan Home Loans website has an online affordability calculator to help financial advisors make a high-level assessment of a customer’s eligibility. All mortgage applications made via a mortgage advisor will be subjected to a detailed assessment to ensure the customer is in a position to be able to afford the repayments on their selected product.

Magellan Home Loans mortgages can be used for debt consolidation purposes. In this instance, Magellan Home Loans will contact the finance companies directly and settle amounts owing on the customers’ behalf.

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