Molo Finance, the UK’s first fully digital native mortgage lender, has reduced its 75% loan-to-value (LTV) 5-year fixed rates by 0.7% for individuals and by 1% for limited companies mortgages.
Changes include 5-year fixed-rate mortgages starting from 5.69% across individual buyers and limited company products up to 75% LTV.
These rates are available for all applicants, including first-time landlords and portfolio landlords.
Francesca Carlesi (pictured), CEO and co-founder of Molo, said: “The speed and frequency of interest rate rises have led to issues for many landlords obtaining the right financing for their properties.
“By reducing our 5-year fixed rates, we have provided a solution for those landlords who would like the stability of a fixed rate and have been adversely affected by the stress testing and increases in the Bank of England base rate.
“These competitive rates are available on products up to 75% LTV for those who are either purchasing or remortgaging and will give landlords more options for their buy-to-let mortgages.”
Additionally, tracker and variable rate mortgages remain at 5.49% for individual buyers and limited company on products up to 75% LTV, with rates linked to the Bank of England (BoE) base rate.
The digital lender replaces its 5-year fixes with new products featuring lower rates across individual and limited company buy-to-let products.
These products are available for first-time landlords and portfolio landlords (up to 20 mortgaged buy-to-let properties) on products up to 80% LTV.
Molo’s competitive 5-year fixes come at a time when interest rates are higher than landlords have seen in previous years and are positive news for property investors looking for their next buy-to-let opportunity or remortgaging an existing property.
The lender also recently launched Savings Booster, a new product feature that lets landlords reduce the interest they pay on their mortgage by paying sums into a linked overpayments account.
Savings Booster is available across all of its buy-to-let products.
