Mortgage Offer Validity
Please be aware that Magellan has taken the decision to close for new business. Customers may continue to complete where a mortgage offer has been issued and has not expired, although mortgage offers will not be extended or materially varied.
Therefore, if your customer wishes to complete using our current mortgage offer, please ensure that completion occurs prior to its expiry date. It should be noted that the mortgage offer confirms that the Certificate of Title and request for funds should be submitted to us six days prior to the date of completion.
Our mortgage offers are valid for 120 days from the date of initial Offer and this is extended for Residential mortgages only to 180 days for new build properties.
Residential binding offer
The Mortgage Offer document for residential loans is a Binding Offer and includes an initial 10 day Reflection Period. Your Certificate of Title should only be submitted in this initial period if the Applicant(s) has elected to waive associated rights and has chosen to proceed with our Mortgage Offer.
Buy to Let binding offer
Buy to Let Offer documents are NOT a Binding Offer and does not include a Reflection Period.