Molo Finance mortgage review
Discover whether a digital-only Molo Finance mortgage could be suitable for you.
Molo Finance is leading the new wave of online-only lenders aiming to disrupt the UK mortgage market by arranging competitive mortgages fast online.
Having launched in 2017, Molo started with buy-to-let deals but says it will expand into offering residential mortgages soon.
If the idea of arranging a hassle-free buy-to-let mortgage online sounds appealing, Molo Finance could be the lender for you.
What types of mortgage does Molo Finance provide?
- Fixed rate. Molo Finance currently offers fixed-rate buy-to-let mortgages with two-, three- and five-year terms. These are ideal for customers who want to know exactly what they’ll be paying each month. These deals allow you to overpay the mortgage by as little as £1 or as much as 10% a year.
- Tracker. The lender offers a two-year tracker buy-to-let mortgage based on the three-month Libor rate. The rate changes four times a year. This product could appeal if you believe the rate is set to remain low for at least two years.
- Remortgages. Molo Finance offers remortgage buy-to-let deals with two-year, three-year and five-year fixed rates as well as a two-year tracker remortgage deal.
How can I contact Molo Finance?
You can only apply for Molo Finance mortgages through its website. There is no phone number or email address provided for customer service, although the lender is active on all major social media platforms.
How do I apply for a Molo Finance mortgage?
You can apply for a Molo Finance mortgage by clicking the “Apply Now” button on the top right corner of its website. This will take you to the application page, where you first choose your mortgage type and size. You’ll be asked to fill in a few personal details then submit your application.
The lender will perform a credit check before emailing you a quote. Molo Finance says the application process should only take a few minutes.
Before you submit your application, you’ll be asked to confirm that you meet the following eligibility criteria:
- You are a UK resident who has been living in the UK for the last three years.
- You haven’t declared bankrupt in the last six years.
- You’re looking for a buy-to-let property, not a property to live in.
- You don’t have more than three mortgages on other buy-to-let properties.
- The property is located in England or Wales.
- The property will not be used for renting to multiple occupants, so it does not qualify as an HMO (House in Multiple Occupation).
More guides on Finder
Getting a 5% deposit mortgage under the government’s new guarantee scheme
Learn more about the new government scheme that will allow first-time buyers and home movers to get on the property ladder.
Chain break finance
Everything you need to know about chain break finance – a type of bridging loan that stops you losing your dream home if the sale of your existing one falls through.
Fix and flip
In-depth guide to fix and flip and how this type of property investment works, including the factors you need to consider, the risks to be aware of and how to finance it.
Commercial bridging loan
Everything you need to know about commercial bridging loans. We look at when they’re useful, how they work and what to be aware of before taking one out.
Hard money loans: Short-term finance in the UK
Everything you need to know about hard money loans – also known as bridging loans. Find out how they work, what they can be used for and their benefits and downsides.
100% bridging loans: How to get
In-depth guide to 100% bridging loans, including how bridging loans work, how to borrow 100% of the property’s value, how to get the best deal and the pros and cons.
Loans for small businesses affected by coronavirus
Learn about government support and alternative options for businesses needing finance to help deal with the impact of coronavirus.
Compare bridging loan rates for property development
Everything you need to know about the benefits of using a bridging loan to fund a property development project if you don’t have the cash already available.
Compare bridging loans to buy land
Find out if a bridging loan could be a good option versus other types of finance if you’re buying land. We explain the pros and cons and how to get the best deal.
Probate loans can be a valuable tool for dealing with the financial issues that can come up when you’re dealing with someone’s estate. We explain what you need to know.
Ask an Expert