It aims to help landlords amid difficult market conditions
Digital mortgage lending platform Molo Finance has announced the addition of several new products to its buy-to-let range.
Relaunching back into the market, Molo said it would be adding more products to its buy-to-let portfolio to allow more landlords to support their property purchase in spite of difficult market conditions.
The new products include fixed-rate mortgages starting from 6.69% on 65% LTV for individual buyers and 6.99% on 65% LTV for limited companies. The fixed-rate products, according to Molo, will enable landlords to lock in current rates for up to five years and avoid the impact of further rate rises.
Variable rate and tracker mortgages start 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 base rate. These products are aimed at landlords who want to keep monthly costs down in the short term compared to a fixed rate option. These 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.
Investor-led, holiday let, and new-build products are also available starting from 4.69% on a two-year or five-year tracker, and at 6.99% for a five-year fixed.
Customers will benefit from an offset and redraw proposition on all Molo products, 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.
“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 are also able to support a larger number of landlords to realise their investment in property,” Francesca Carlesi (pictured), chief executive and co-founder of Molo, said.
“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.”
