It is backed by its automated decision engine, which embeds the firm’s lending rules and helps make an initial assessment of the application by comparing it to its credit policy.
The lender said using the automated decision-making system, along with automated property and rental valuations, would speed up the time to offer and reduce manual processing.
The lender said the remortgage process could be “unnecessarily lengthy”, and the latest base rate rises presented challenges to landlords.
It explained that was why it had streamlined its approval process so those looking to remortgage and lock in lower rates quicker and easier. The firm noted this would help borrowers avoid expensive standard variable rates.
Molo has also lowered select remortgage rates, with five-year fixed rates for individuals and limited companies starting from 4.99 per cent with a 3.25 per cent fee.
Two-year fixed rates for limited companies begin from 5.5 per cent for limited companies with a 1.75 per cent fee.
All products are available at 65 and 75 per cent loan to value (LTV).
Australian-based ColCap Financial recently bought an 80 per cent stake in Molo, having partnered with the firm last year to help it re-enter the buy-to-let market.
The lender temporarily suspended lending in April due to capital market volatility and its impact on funders. It resumed lending in October and introduced a savings booster in November.
Francesca Carlesi (pictured), CEO and co-founder at Molo said: “The customer experience is always at the forefront of everything we do.
“Molo’s automation engine streamlines the remortgaging process and offers approvals in just 24 hours, at competitive rates to help landlords save time and money. It means they can achieve their goals sooner, even in the current climate.”
