Magellan Homeloans has cut its two-year fixed rate pricing across its range of complex prime mortgage products.

Rate cuts of up to 1.01 percentage points have been made on mortgages up to 85% LTV.

Magellan’s complex prime range offers a choice of two and three year fixed rates and Libor trackers, with rates starting from just 2.99%. All mortgages are manually underwritten and Magellan doesn’t use credit scoring.

Jason Neale, sales director at Magellan Homeloans, said: “These cuts of up to 1.01% [sic] on our two-year fixes will be welcome news for both brokers and their clients.

“Our tracker rates have also been brought in-line with our fixed rates, giving borrowers a choice of either a fixed rate, or a variable rate deal with no early repayment charges.”