Mortgages PLC – UK Mortgage Lender
Mortgages plc is a subsidiary of Merrill Lynch, the US financial services group.
The company has one office, in Glasgow. It markets mortgages via intermediaries and also using the Mortgage Magic website (http://www.mortgagemagic.ml.com).
Fixed Rate Mortgages: details available from the lender upon request.
Discounted Mortgages: details available from the lender upon request.
Poor Credit Mortgages: details available from the lender upon request.
The company specialises in offering mortgages for borrowers who are unable to gain access to traditional mortgage products through the high street or online lenders. The average mortgage rate for comparison is 8.1%, which although not hugely discounted is particularly favourable in the sub prime market.
Products are geared towards the various circumstances that may result in unusual conditions such as borrowers with substantial unsecured borrowing, individuals who are ex-bankrupts and those with county court judgements against their credit rating. Other products focus on borrowers who have unpredictable and changing circumstances such as long term sickness, redundancy, self employed or part time seasonal workers.
Mortgages are either available through one of the numerous intermediaries or through the consumer facing arm of Mortgages Plc, the Mortgage Magic website, where online quotes and applications can be made. Mortgage Magic can also be contacted by phone, although there are no branches so face to face appointments are not possible. As there are no branches, savings in costs can be passed onto the borrower.
There are also buy to let and right to buy mortgages available for the more traditional borrower.