Magellan Homeloans has today launched a ‘fees free’ option on its two and three-year fixed range of mortgages.

The option means no completion fee and no valuation or application fee. Additionally, the products include the cost of the standard legal work on remortgages, whilst purchase cases will receive £450 cashback on completion.

Rates include two year fixed from 3.59% at 70% LTV and 4.39% at 85% LTV.

Simon Read (pictured), Magellan’s managing director of lending, said: “Buying a home is the biggest financial commitment most of us ever have and whether you’re remortgaging or moving home, we often have to make choices about how we spend our cash. Supporting intermediaries with these products means a wider choice for their clients. It also means borrowers won’t have the hassle of claiming money back at a later date as is the case with other ‘refundable-fees’ products.

“We’re constantly listening to our brokers about how we can help them to find suitable answers for the challenges their clients face when trying to find a mortgage. We pride ourselves on looking at each case on its merits and providing a bespoke, manual underwriting service, looking into the detail so we can often accept borrowers that others may not consider. This option adds to that armoury.”