- Are resident of England, Wales
- Are older than 21 and younger than 75 at mortgage end
- Have no repossessions
Additional criteria may apply
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.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
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.
uSwitch is authorised and regulated by the Financial Conduct Authority (FRN 312850) to provide this mortgage comparison service.
uSwitch services are provided at no cost to you, but we may receive a commission from the companies we refer you to.