Molo Finance has
reduced its buy-to-let mortgage rates across selected products. This includes the following reductions on its rates for landlords with a limited company or special purpose vehicle (SPV).
- Five years fixed at up to 65% LTV 3.10%
- Five years fixed at up to 75% LTV 3.15%
These deals are available for remortgages and to purchase a new buy-to-let property. They all revert to a rate of 4.41% at the end of the initial term.
Landlords must be no older than 85 at the end of the mortgage term and earn at least £20,000 to qualify for these mortgages. The minimum loan value is £25,001 with a maximum loan of £450,000. Each product also has the option to choose a percentage fee of 1% of the mortgage advance instead of the flat fee. The maximum loan on these options is £1.5 million at 65% LTV and £1 million at 75% LTV. The rental income will need to be at least 125% of mortgage interest calculated at a rate of 5.50%.
Francesca Carlesi, chief executive of Molo, said: “The mortgage market has never been so competitive.
“Lowering our prices gives landlords excellent options, whether they’re purchasing a property as an individual or a limited company.
“Our new rates, combined with an entirely digital approach for getting a mortgage, give investors more flexibility and allow them to go through the borrowing process at speed while saving money with Molo.”
