Molo Finance recently announced the launch of its non-resident buy-to-let mortgages, specifically crafted for international borrowers. This new product allows investors from around the globe to obtain a buy-to-let mortgage in England and Wales, expanding their investment portfolio without necessarily having a base in the UK.
After successful pilot tests with selected broker firms both in the UK and Asia, Molo has now made this offering available to all its authorised broker partners.
What Does the Package Offer?
For international investors, particularly those from regions like China, Hong Kong, and Singapore, this mortgage product brings a suite of benefits:
- No UK Bank Account Needed: Investors can bypass the often complicated process of setting up a UK bank account, streamlining their mortgage application.
- Molo’s Savings Booster: Each mortgage package is equipped with the Savings Booster, an overpayment account meticulously designed to minimise monthly payments.
- Competitive Interest Rates: The mortgage range offers attractive rates, with five-year tracker rates starting at 6.99%. Moreover, there are two and five-year fixed-rate products beginning from 7.99%.
- Flexible Lending Structure: Borrowers can avail loans up to 75% loan-to-value (LTV). Plus, there’s a unique five-year switch product, enabling borrowers to shift between fixed to tracker rates— a strategic move to benefit from potential reductions in the Bank of England rate.
- Wide Reach: The offering isn’t just for seasoned investors. First-time buyers and landlords can avail this, with options available for both capital & interest and interest-only mortgages.
- Diverse Property Types Covered: The product has been designed keeping in mind various property types, from new builds and holiday lets to Houses of Multiple Occupation (HMO) and Multi-unit Freehold Blocks (MUFB).
A Glimpse from the Helm
Francesca Carlesi, the CEO and co-founder of Molo, shared her insights on this new product launch. She emphasized the UK property market’s allure for global investors, noting its consistent appeal as a preferred investment destination.
In her words: “Molo is delighted to be able to provide non-residents with access to competitive and flexible financing options through our innovative product range. The introduction of our new non-resident buy-to-let product stands as a testament to our unwavering dedication to broadening horizons and offering an unparalleled mortgage experience for all.”