Molo launches ‘rapid’ buy-to-let mortgage product
Digital mortgage lender Molo Finance has launched a service enabling landlords to remortgage their buy-to-let within 24 hours.
Rapid Remortgage uses the fintech’s automated decision engine to make the approval process quicker than by traditional means.
The lender’s five-year fixed term mortgage starts from a rate of 4.99 per cent for individuals and limited companies, with a 3.25 per cent product fee.
Meanwhile, a two-year fixed starts from 5.5 per cent for limited companies, with a 1.75 per cent product fee.
All the lender’s products are applicable across 65 per cent and 75 per cent loan-to-value.
Read more: How will the property downturn impact P2P lending?
The digital lender said that utilising automated property and rental valuations, along with its automated decision-making system, speeds up the time to offer and eliminates manual processing.
An offer, if eligible, will be issued within 24 hours from applying, subject to receiving all the relevant information and qualifying for an automated property assessment.
All offers give customers certainty on their remortgage in advance of the end of their current fixed-term, helping to avoid expensive standard variable rates.
Read more: Buy-to-let boosts LendInvest as it plans residential mortgage move
“The customer experience is always at the forefront of everything we do,” said Molo co-founder and chief executive Francesca Carlesi. “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.”
Since it launched in 2018, Molo has originated more than £270m in online mortgage loans.
Read more: UK retains European fintech crown despite 9pc y-o-y fall in investment