Complex Buy To Let
Molo Finance makes buy-to-let return
Digital mortgage lending platform Molo Finance has resumed buy-to-let lending with fixed, variable and tracker rate deals.
Variable and tracker rates start from 4.39 per cent for a 65 per cent loan to value (LTV) mortgage for individual landlords, while limited company borrowers will pay a rate of 4.69 per cent at the same lending tier.
Pricing on fixed rate deals begins from 6.69 per cent at 65 per cent LTV for individual borrowers and 6.99 per cent for limited companies. Products are available on fixed rate terms of up to five years.
The lender now offers options for those who are investing or buying a holiday let or new-build property in addition to mortgages for portfolio landlords and houses in multiple occupation. Rates for investment, holiday let and new-build properties start from 4.69 per cent on a two-year or five-year tracker and at 6.99 per cent for a five-year fix.
The lender’s products also offer offset and withdraw features so borrowers can use their savings to reduce the cost of their interest rate and redraw any mortgage prepayments if needed. Molo will announce further details about this in the coming weeks.
Francesca Carlesi (pictured), CEO and co-founder of Molo, said “I am pleased to let all our customers know that we are launching to market a brand new product range, designed for the new market conditions but also able to support a larger number of landlords to realise their investment in property.
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“Especially in a volatile market like today, property remains one of the most stable and safe asset classes and we are excited about being able to support our customers in their property investment decisions going forward.”
Anticipated return
Molo Finance temporarily withdrew from the buy-to-let market due to its funding structure and capital market uncertainty in April.
It said it had used up its funds at the time and was waiting for access to more capital.
In July, Molo announced that it had partnered with Australian mortgage lender ColCap Financial which gave it access to funding to relaunch and expand in the market.