Magellan Homeloans will offer mortgages of up to £400,000 to people
who have had county court judgments, individual voluntary arrangements
(IVA) or even bankruptcy orders against their names. But borrowers will
be charged interest rates starting at 8.55% compared to current "best
buy" rates of as little as 1.5% on conventional loans.
Magellan is the brainchild of Matt Gilmour, who previously ran sub-prime lender Unity Homeloans, a joint venture with South African bank Investec, which was one of the earliest casualties of the financial crisis. Unity also offered "self-certification" loans of up to £1m, but the company was dissolved in 2009.
Magellan is the brainchild of Matt Gilmour, who previously ran sub-prime lender Unity Homeloans, a joint venture with South African bank Investec, which was one of the earliest casualties of the financial crisis. Unity also offered "self-certification" loans of up to £1m, but the company was dissolved in 2009.
2 comments:
It is another aspect of this obession with owning property that successive governments have addicted the proles too.
Me?
I'm buying a barge to retire too, generator for when the lights go out, solid fuel stove for cooking/heating.
When the neighbour goes downhill I will just move along!
Home-Owner-Ism is the perfect cult as its followers can believe quite contradictory things simultaneously.
Owning no homes = Tenant = bad
Owning one home = Owner-occupier = good.
Therefore...
Owning lots of homes = even better.
But if you own lots of homes you are a landlord, and for every extra home you own there is a tenant, and we started off by saying "tenant = bad".
It's the same with the contradictory claims that:
They want people to be owner-occupiers (because they are good and worthy people)
But
They want houses to be expensive and no new ones to be built.
As a lover of truth and logic and clear thinking, it makes me sick.
Post a Comment