ModaMortgages, a specialist buy-to-let (BTL) mortgage lender from Chetwood Bank, has officially launched in full today.
This followed a controlled launch which commenced in October 2024 with a select group of specialist distributors and packagers.
The lender will operate exclusively through intermediaries, catering to a range of landlords including small and large portfolios, limited companies, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs), individuals, and first-time landlords.
ModaMortgages currently accepts buy-to-let mortgage cases from various clubs, including 3mc, Brilliant Solutions, L&G Mortgage Club, Paradigm, PMS, and SimplyBiz.
The lender also works with networks such as Connect, Cornerstone, HL Partnership, InPartnership, The Mortgage Group, New Leaf, and Sesame.
The lender plans to expand its distribution further in the coming months.
To mark its launch, ModaMortgages is offering five brokers the chance to win £250 worth of John Lewis vouchers if they register via their website before 28th February 2025.
The lender also introduced a limited edition range of 2-year and 5-year buy-to-let mortgages with rates starting from 3.74% and options for a 2.5% or 5.5% fee, available up to 75% loan-to-value (LTV).
Darrell Walker (pictured), director of sales and distribution at ModaMortgages, said: “The official launch of ModaMortgages is the culmination of two years of hard work and dedication, so it’s an incredibly exciting time for us.
“The controlled launch period was hugely successful and the traction we’ve had has been really pleasing.
“Our ethos is all about doing the basic things really well – that’s our mantra: smarter, faster, simpler.
Walker added: “We offer a great broker-friendly proposition, clear and transparent criteria, certainty up front and competitive rates, all backed up by a team that has a mass of mortgage experience and industry knowledge.
“Our sales team covers all of England and Wales. They’re hungry and will be a breath of fresh air in the market.
“When you place a case with ModaMortgages, you know what you’ll find – good people giving it everything they’ve got and doing their best to help you and your clients.”
Doug Hall, director at 3mc, said: “We’re delighted to partner with ModaMortgages during such an important time for their future growth.
“We’re really looking forward to placing more business with them.”
Martin Reynolds, chief executive at SimplyBiz Mortgages, said: “We’re excited by ModaMortgages’ proposition at making buy-to-let lending as quick and simple as possible.
“We’ve enjoyed working closely with them as they’ve prepared for their official launch and believe their offering will resonate with intermediaries keen to work with an uncomplicated, reliable lender.
“The launch of a new buy-to-let lender is another positive show of support in the long-term value that private landlords offer the rental sector.”
Greg Cunnington, head of strategic accounts at L&G Mortgage Services, said: “We’re delighted to be able to welcome ModaMortgages to our panel at the start of their journey.
“We’re always looking for lenders who are innovative and who have that can-do attitude, and Darrell and his team certainly appear to have those qualities in abundance.”
Want to know more about ModaMortgages? Check out The Intermediary’s in-depth interview with Darrell Walker here.
