Molo Finance
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Molo Finance mortgage review
Discover whether a buy-to-let mortgage from digital-only lender Molo Finance could be suitable for you.
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Molo Finance is one of a new wave of online-only lenders aiming to disrupt the UK mortgage market by arranging competitive mortgages fast online. Molo offers buy-to-let mortgages and was the UK’s first fully digital, direct-to-customer mortgage lender when it launched in 2017.
Molo says it aims to offer customers a more seamless mortgage process, by using an advanced data platform and a speedy and easy application process that asks customers the least amount of questions, leading to faster approval times and quicker access to borrowing.
Molo Finance buy-to-let mortgage rates
Table: sorted by initial rate
Overall representative example
If you borrow £170,000 over a 25-year term at 1.28% p.a. (fixed) for 64 months reverting to 3.59% p.a. (variable) for the remaining term, you would make 64 monthly payments of £662.46 and 236 monthly payments of £816.99. The total payable would be £236,354.08, which includes interest of £65,207, valuation fees of £102 and a product fee of £995. The overall cost for comparison is 2.7% APRC representative.
If you borrow £170,000 over a 25-year term at 1.28% p.a. (fixed) for 64 months reverting to 3.59% p.a. (variable) for the remaining term, you would make 64 monthly payments of £662.46 and 236 monthly payments of £816.99. The total payable would be £236,354.08, which includes interest of £65,207, valuation fees of £102 and a product fee of £995. The overall cost for comparison is 2.7% APRC representative.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
What types of mortgage does Molo Finance provide?
- Fixed rate. Molo Finance currently offers fixed-rate buy-to-let mortgages, with fixed terms ranging from two to five years. These are ideal for customers who want to know exactly what they’ll be paying each month. These products allow you to overpay the mortgage by as little as £1 or as much as 10% a year.
- Remortgages. Molo Finance offers remortgage buy-to-let deals with fixed rates, over terms of two to five years.
How can I contact Molo Finance?
You can only apply for Molo Finance mortgages through its website. There is no phone number, however you can email the team at support@molofinance.com to book a call, or talk through a live chat service located on the website. The lender is also 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.
Eligibility criteria
Before you submit your application, you’ll be asked to confirm that you meet the following eligibility criteria for individuals:
- You are a UK resident.
- You are at least 21 years old.
- You haven’t been declared bankrupt in the last six years.
- You have no unsatisfied country court judgments.
- You’ve had no defaults in the past 12 months and no more than £1,000 of cumulative defaults in the past 36 months.
- You’ve had no previous repossessions.
- You’re looking for a buy-to-let property, not a property to live in.
- You don’t have more than four mortgages on other buy-to-let properties.
- The property you’re purchasing is located in England or Wales.
Our verdict
If the idea of arranging a hassle-free buy-to-let mortgage online sounds appealing, Molo Finance could be the lender for you. It should only take a few minutes to apply and then get a quote, and it offers a range of mortgage payment options.
However, at the moment Molo Finance only offers buy-to-let deals, even though it says it will expand into offering residential mortgages soon, so it won’t suit everyone right now. Use our guides to research other providers to get the best deal suited to your needs.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
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