Digital mortgage lending platform, Molo Finance, is adding new products to its buy-to-let range.
Relaunching back into the market, it will be adding the following deals to its buy-to-let portfolio:
- Fixed rate mortgages: starting from 6.69% on 65% LTV for individual buyers and 6.99% on 65% LTV for limited companies
- Variable rate and tracker mortgages: starting from 4.39% on 65% LTV for individual buyers and 4.69% on 65% LTV for limited companies, with rates linked to the Bank of England (BoE) base rate
- Investor Led, Holiday Let, and New Build: allowing landlords to invest in property starting from 4.69% on a 2-year or 5-year tracker and at 6.99% for a 5-year fixed
The new Molo Buy-to-let mortgage product range offers landlords more investment choices, with the goal to support them through the current challenging market environment:
- The Fixed rate products allows landlords to lock in current rates for up to 5 years and avoid impact of further rate rises
- The Variable and Tracker rate products are aimed at landlords who want to keep monthly costs down in the short term compared to a fixed rate option. These products will also help landlords who struggle to refinance to a fixed rate due to tighter affordability conditions in the market, as it allows them to switch to a lower rate than SVR in the short term
All Molo products will enable customers to benefit from an offset and redraw proposition, allowing them to use their savings to reduce the interest rate cost of their mortgage and also to redraw any prepayment done on the mortgage if needed. More details about the offset and redraw functionality will be disclosed in the coming weeks.
Francesca Carlesi, 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.
“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.”