Magellan Homeloans recently announced that it would be launching a set of buy-to-let mortgages this year. These products will only be available through a limited selection of intermediaries at first, including tailored mortgages for private landlords and limited companies with up to four applicants or shareholders. There are also deals for joint landlords with different tax rates that offer bespoke income cover ratio testing from 125%. Available mortgages cover a wide range of properties, including shared homes, flats, new builds, HMOs, and multi-units. Most tenant types will be covered, including state-supported and Housing Association tenants.

According to Magellan Homeloans managing director Simon Read: “We’ve been developing our BTL products over quite some time which has enabled us to really take account of the changing requirements and demands placed on landlords.”

He adds: “It’s important to remember that what’s key for today’s landlord is how to maximise their profitability within the current tax and regulatory frameworks. We’ve designed our BTL mortgages in ways that help them achieve this within a simplified process.”

Magellan Homeloans doesn’t plan to stop at just providing for today’s landlord. The company is also looking forward, towards the future. Magellan keeps track of current market trends to learn how to best help landlords increase returns on buy to let investments. It also plans on engaging with customers to determine how to provide a better service.

“We’re excited to be working with our selected intermediaries for the launch phase which will allow us to monitor these products and learn from their feedback,” says Read. “All of which will be used to support the plans to expand this range which are already in development.”

Why Choose Magellan Homeloans

Unlike many other BTL mortgages, the application process is simple and streamlined with Magellan Homeloans. In some cases, the lender only required personal guarantees and floating charges for approval.

A unique “BTL guarantor” option allows seasoned landlords to financially back first-time landlords. This allows experienced property owners to help spouses, parents, children, and dependents get into real estate. This options also enables new landlords to diversify their real estate portfolio without placing a tax burden on their guarantor.

Magellan Homeloans is set to provide a new line of BTL products that promises to offer a new way for both individuals and limited companies to improve their bottom line. It’s unique mortgage options even make the market accessible for first-time landlords. With Magellan’s dedication to keeping up with new real estate trends, investors can expect to see their range of coverage continue to grow in the coming years.

Rates and Terms

The Magellan buy-to-let product range offers 2 and 5-year fixed rates and trackers for both individual landlords and limited companies. Landlords that choose the five-year product don’t have to worry about early repayment charges. There are three tiers of mortgages from which customers can choose.

Buy-to-Let for Individuals

  • Rates between 2.69% and 4.17%
  • Between 65% and 80% maximum LTV
  • Loans of up to £1 million considered
  • Portfolio and first-time landlords accepted
  • Shared houses considered

Buy-to-Let for Limited Companies

  • Rates between 2.69% and 4.67%
  • Between 65% and 80% maximum LTV
  • Loans of up to £1 million considered
  • SPV and Trading Ltd Companies considered
  • Shared houses considered

HMOs and Multi-Unit Blocks

  • Rates between 3.24% and 4.72%
  • Between 60% and 75% maximum LTV
  • Loans of up to £1 million considered
  • Individuals and limited company applicants
  • Up to 6 rooms/units considered