Molo Finance has introduced a ‘Savings Booster’ feature across its buy-to-let products.
In the face of market volatility, the new feature launches at a time when landlords are facing the highest mortgage interest rates in over a decade.
Recognising these challenges, Molo’s new proposition lets landlords reduce the amount of interest they pay, lowering the monthly cost of their mortgage.
Francesca Carlesi (pictured|0, CEO and co-founder at Molo, said: “With interest rates at their highest for over a decade, landlords need more options for their buy-to-let mortgages.
“The private rental sector is an important part of the UK housing market, and hence landlords need lenders to be more innovative than ever.
“Molo is aware of the complex financing needs that landlords have, so we have gone beyond typical buy-to-let products to launch the Savings Booster, giving landlords true flexibility over their mortgage payments.”
The Savings Booster hope to allow customers to bring down the interest rate cost on their mortgage by depositing sums into a linked overpayment account.
Molo will reduce the balance from which interest is calculated according to the amount paid into the Savings Booster.
Customers will be able to borrow-back from the Savings Booster at any time by withdrawing funds into their own bank account or paying directly to a third party, and can check the value of their Savings Booster by using Molo’s online portal.
