Members of the PMS Mortgage Club will have access to Magellan Homeloans full range of products, after an agreement was reached between the two parties.
Intermediaries will be able to access the Complex Prime and Credit Repair products provided by Magellan, a lender based in Leatherhead, Surrey.
Magellan's products have been designed specifically for borrowers who are unable to secure a mortgage through traditional means from a high-street lender. This includes those who are self-employed and those who have complex incomes and are in need of complex mortgages to match up to this.
“Magellan’s proposition has been designed to address a sector of the mortgage market that has been ignored by mainstream lenders for far too long,” said Jason Neale, Sales Director at Magellan Homeloans.
“Our products are ideally suited to borrowers who have been declined on credit score and who have historical adverse credit records. We manually underwrite all cases and are looking forward to working with PMS and their intermediaries over the coming months.”
Jane Benjamin, Lender Relationship Manager for PMS, added: “I have no doubt that brokers will welcome the addition of Magellan to our lender panel. Their specialist products provide an opportunity for intermediaries to develop a new income stream, by helping borrowers who have been disenfranchised by other lenders.”
Magellan Homeloans is a trading name for Mars Financial Capital Limited, a company founded in 2008 by Mars Acquisition Limited with the aim of acquiring and managing portfolios of residential mortgages.