Molo currently lends solely to the buy-to-let market offering deals to individual and limited company landlords up to 80 per cent loan to value. It counts lenders such as Fleet, Zephyr, Landbay and Lendinvest as its closest competitors.
Speaking to Mortgage Solutions, head of intermediary sales Peter Charge said brokers can expect to see portfolio landlord mortgage deals from Molo in the second half of this year.
Charge said the portfolio product had already been tested and was ready for launch.
The digital lender is also developing an expat range which it said would complement its buy-to-let suite of deals but no launch date has yet been set.
Further ahead, Molo said it is planning to enter residential mortgages “as soon as possible”. Charge hinted that it could be as early as this year but 2022 is the lender’s official response. “Regulated mortgages are where we’re aiming to be,” said Charge.
Although Molo first launched as a direct-to-consumer lender in 2018, it relaunched in August 2020 both B2B and B2C and began to tentatively test its buy-to-let proposition with four broker firms in September. Charge joined the following month before fully rolling out to Dynamo’s club members in December.
Since then Molo has expanded its distribution out to several networks and wants to grow its broker distribution further.
