Magellan Homeloans is reducing the majority of its fixed rates on residential mortgages and cutting its standard administration and valuation fees by up to 50% for applications received up until the end of January 2019.

Fixed rates across its Credit Repair range (designed to help borrowers with impaired credit profiles related to unexpected life events) have been reduced between 0.75 and 2.5 percentage points, while two of its Near Prime fixed rate products are being cut by 0.40 percentage points.

Fixed rates on the remaining two Near Prime mortgages are staying at their existing rates.

The rate cuts apply to two and three-year fixed, including the Fees Free options which have no application fees or completion fees, free standard legal fees on remortgages and £450 cashback on mortgage purchase.

Simon Read (pictured), Magellan’s managing director, said: “2018 was a big year for Magellan. A large proportion of our mortgages were successfully securitised, we have developed an excellent intermediary service proposition, and successfully launched into both the Help to Buy and buy-to-let market sectors.

“All of that work gives us an excellent platform to build on, further cementing Magellan Homeloans as one of the “go-to” lenders in the specialist, non-high street market. These achievements mean we can pass on savings to our borrowers.

“The success of our fees free offering demonstrates that borrowers do look at fees when making mortgage decisions, so it made sense to hold a ‘January Sale’ when money is always tighter than usual but people are starting to make plans for the year, including moving home.”