New lender focuses on those with adverse credit

New lender focuses on those with adverse credit

New mortgage lender, Magellan Homeloans, has launched a pilot mortgage service aimed at borrowers unable to gain mortgages from traditional high street lenders.

Their target market is borrowers who have experienced a one-off life event which has resulted in an adverse credit record.

They have said they will consider applications from individuals who can explain and document the reasons for their financial difficulties and can demonstrate they have had a clean credit history for the last 12 months.

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