molo finance

Molo Finance review

Molo Finance is an online-only lender offering a quick and hassle-free mortgage service to UK customers. Molo Finance has its headquarters in London and launched its digital financial services in 2017. Molo is one of several online-only lenders emerging in the UK to disrupt the mortgage market, offering the competitive edge of making mortgage applications quick, fast, and fully accessible online. Molo began their service with just buy-to-let mortgage services, but they plan to expand into residential mortgage services. Molo is not a banking service, so it does not require a banking license or FSCS protection. They arrange competitive mortgages online.

How to apply for a mortgage with Molo

Molo makes it incredibly convenient, quick, and easy to attain a buy-to-let mortgage, and the entire application process takes place online. The signup and mortgage application takes minutes to complete, so you will be able to apply for a buy-to-let at any time or anywhere you like. The process begins by creating an account online with personal details such as your name, email, and phone number. You can then follow the prompts to apply for a mortgage, beginning with an eligibility check. This involves some questions about who you are and what you intend to borrow. Molo will then tell you whether you are eligible and how much you are eligible to borrow. They will then ask a few questions about the property you intend to buy. You can then select a mortgage that appeals to your circumstances. Once selected, all you have to do is pass Molo’s identity check with a valid ID and selfie, and they will agree to your mortgage offer.

molo mortgage

The types of mortgage available through Molo

Molo offers fixed-rate buy to let mortgages as well as the option for remortgages. Their fixed-rate buy to let mortgages are available on two, three, or five-year terms. This option is ideal for customers who want to know exactly how much they pay every month for their mortgage. This fixed-rate option also allows customers to overpay, with the minimum overpay sitting at £1, and the maximum pay at 10% per year. Molo’s remortgage buys to let deals are also available for two, three, or five-year fixed-rate plans. In addition to these remortgage plans, Molo also offers a two tear tracker remortgage deal.

What are the eligibility criteria for a Molo Finance mortgage?

To receive a mortgage deal from Molo, each customer will have to meet a range of eligibility criteria. This is the same as with any mortgage from a traditional financial institution; however, Molo speeds up the entire process, allowing it to take place over a few minutes online instead of in-person with reams of paperwork. The eligibility criteria a customer needs to pass include:

  • You must be a UK resident and have been living in the UK for the last three years
  • You are looking for a mortgage for a buy-to-let property and not a residential property; however, Molo is soon set to introduce residential mortgages options
  • You must not have been declared bankrupt in the past six years 
  • You must not have over three other mortgages on another buy to let properties
  • The buy to let the property you intend to invest in must be located in England or Wales
  • The buy to let the property you intend to invest in must not be a House of Multiple Occupation (HMO), meaning you do not intend on renting to multiple occupants

Are there further eligibility criteria for limited companies

Limited companies are also applicable for buying to let Molo mortgage services, but must meet a set of requirements. These requirements include all of the same of the personal eligibility criteria listed above and have a few extra. The added eligibility criteria for limited companies include:

  • Molo buys to let mortgages are limited to Special Purpose Vehicles (SPV) limited companies only. Meaning that the company must be a Real Estate SPV registered within England or Wales
  • The limited company must also have a maximum of 4 directors or shareholders, and each of the directors or shareholders must provide Molo with a full personal guarantee

Review of the user experience with Molo finance

Ease of use and convenience are at the forefront of Molo’s online service. Each process’s entirety takes place online, and Molo does not currently offer its users an app. Before signing in, you can access Molo’s mortgage calculator, allowing you to get a good idea of how much you could borrow and what the repayments would be before you sign up. Before applying for a mortgage with Molo, you have to sign up in a few quick and easy steps. You can then log into Molo whenever you like to track your mortgage application and receive access to a range of other helpful tools and information, such as checking you meet eligibility criteria. As covered previously in the article, the mortgage application process can be completed within minutes. Each step of the process is made entirely clear, easy to understand, and easy to navigate. Molo also has a comprehensive FAQ section, aiming to answer as many customer questions as possible about the offer. If you cannot find the answers you need in the FAQs, Molo also has an exceptionally responsive pop-up chat on the website.

Molo finance review. Conclusion

  • Quick online signup
  • Fast online mortgage application that can be completed within minutes
  • They are changing the UK’s mortgage landscape
  • A much more accessible and fair mortgage service
  • Easy to use online experience
  • Mortgage options for limited companies
  • Options to overpay
  • Highly-rated customer service

Molo offers an incredibly convenient and accessible mortgage service for those looking to buy to let. It is completely evolving the process of obtaining a mortgage, which has traditionally been a long and relatively unpredictable process. The ability to apply for a mortgage online and receive an approval within minutes lessens the chance of investments to fall through, as long as you meet all of the eligibility criteria. Molo is currently receiving great customer reviews making it an appealing option for those wanting to buy to let.

We look forward to seeing them expand their services to residential mortgages soon.