Mark Snape has been appointed as managing director of lending for Magellan Homeloans.

Snape joins the adverse credit lender from GE Money where he was sales director responsible for distribution strategy, product development and creating a post-MMR model for the business.

He has 30 years financial services experience gained with Compass Financial Group, Citi, First Plus Financial, Beneficial Bank and Avco Trust.

Matt Gilmour, managing director of Magellan Homeloans, said: “I’m delighted that Magellan Homeloans has been joined by an industry heavyweight of Mark’s standing and experience. Mark’s remit is to take a strategic look at both our product proposition and distribution model and ensure they are appropriate for the mortgage market of 2014 and beyond.”

Snape added: “Magellan has a strong proposition which is very different to anything else currently available in today’s mortgage market. The uniqueness of the overall proposition and the opportunity for me to add value to the business, were the reasons I was attracted to Magellan. I’m looking forward to working closely with the Magellan team and its distributors to ensure its products are correctly positioned and understood by brokers.

“There are many thousands of borrowers with impaired credit records, often as a result of circumstances beyond their control, who have proven their ability over the course of the past year to manage their finances responsibly. They deserve a second chance and it’s encouraging to see a company such as Magellan providing them with the opportunity to get back on the housing ladder once again.

“My experience of working in the specialist sector will enable me to make a positive contribution quickly. I am relishing the challenge and have been very encouraged by the exceptional quality of the Magellan team and their desire to build a long-term sustainable lender for the future.”