According to the lender, the range includes products aimed at individuals as well as limited companies with up to four applicants/shareholders, covering shared houses, studio flats, new build property, HMOs and multi-units.
Magellan has also developed a buy-to-let guarantor option, enabling experienced landlords to support first-time landlords such as spouses or dependants get into property investment, without having the tax liability that comes with being a joint owner.
The range offers two and five-year fixed rates plus trackers, from 2.69%, with a bespoke ICR test starting at 125%.
Simon Read, managing director of Magellan Homeloans, said: “We believe that being a landlord in today’s housing market is complicated enough – getting a mortgage shouldn’t be. We’ve been developing our buy-to-let products over quite some time which has enabled us to really take account of the changing requirements and demands placed on landlords. It’s important to remember that what’s key for today’s landlord is how to maximise their profitability within the current tax and regulatory frameworks. We’ve designed our buy-to-let mortgages in ways that help them achieve this within a simplified process.
We have built a dedicated buy-to-let team who average almost a decade’s worth of experience in this sector. We’re passionate about this market, and believe we have a range of mortgages designed for landlords, by landlords.
We’re excited to be working with our selected intermediaries for the launch phase which will allow us to monitor these products and learn from their feedback. All of which will be used to support the plans to expand this range which are already in development.”
