Magellan Homeloans lower their adverse credit mortgages
Magellan Homeloans, one of the few adverse credit lenders to launch since the credit crunch, has lowered their mortgage rates by up to 3.1% after revamping their products.
In order to qualify for one of their mortgages, borrowers will still need to have 12 months clear credit history and be able to provide an explanation about how they got into financial difficulties in the first place.
Megellan initially started with one adverse credit rate at 8.52% and this has now been lowered to approximately 5.42%. The lender requires applicants to have a 40% deposit to access this rate, although they offer mortgages if you have a 25% deposit.
Trinity Financial has seen an increase in the amount of borrowers looking to restructure their debts by remortgaging their home. More borrowers are also turning to secured loans to make their credit card repayments and debts more manageable.
If you are struggling to get a mortgage, call us on 020 7016 0790.
February 4, 2014
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