Magellan Homeloans has partnered with Connect for Intermediaries, joining the panel of both its packager and its network.

The news comes one week after Secure Trust Bank joined Connect for Intermediaries’ panel.

Magellan joins Connect for Intermediaries panel with rates from 2.99% with no early repayment charges. Magellan specialises in loans for borrowers who struggle to obtain a high street mortgage; this could be due to a poor credit score, because they have recently become self-employed, have affordability restrictions or a less than perfect credit history.

It also accepts people on zero hours or fixed term contracts and those on long term benefits. Magellan will lend up to 35 years and beyond usual retirement age. It guarantees 100% manual underwriting on every case with no credit scoring.

Liz Syms (pictured), CEO of Connect for Intermediaries said: “We are very focused on ensuring that both our network and our packager have some of the best products and the very best rates available. We have done this by bringing in a range of lenders and solutions that it is hard for brokers to access elsewhere.

“There is a huge proportion of the population that is underserved by the mainstream mortgage market and Magellan helps to fill this gap, catering for a lot of borrowers that many other lenders just won’t lend to.  Having Magellan on both our network and packaging panels means that we can offer brokers some of the best rates and solutions for those clients that have typically been too hard to place.”

Jason Neale, sales director at Magellan, added: “Connect is rapidly taking up position as a leading packager as well as the leading specialist network. Connect is becoming renowned for helping brokers to find solutions for clients that other people won’t countenance.

“It is this helpful, ‘can do’ attitude that mirrors our own which is why we were so keen to form a partnership and work together.”