Molo Finance has just announced some big cuts to their buy-to-let mortgage rates, meaning you could save a tidy sum on your monthly payments.
What’s Changed?
Molo has chopped rates by up to 0.25%, which might not sound like a lot, but it can make a big difference over the life of your mortgage. Here’s a breakdown of the new rates:
UK Residents
- Two-year fixed: Starting at 4.35% for individual and limited company borrowers at 75% LTV.
- Five-year fixed: Starting at 4.96% for individual and limited company borrowers at 75% LTV.
Specialist Property Products
These include MUFB (multi-unit freehold blocks), HMOs (houses of multiple occupation), holiday lets, and investor-led properties.
- Two-year fixed: Starting at 4.45%
- Five-year fixed: Starting at 5.06%
Expats
- Two and five-year fixed capital and interest: Starting at 4.99% at 70% LTV.
- Two and five-year fixed interest-only: Starting at 5.74% at 70% LTV.
Non-UK Residents
- Rates for non-UK residents remain unchanged.
Tracker Rates
These rates have actually gone up, with two-year trackers starting from 8.65% and five-year trackers at 8.84%, both at 70% LTV.
Why Are They Doing This?
Molo says they’re doing this to help intermediaries (like mortgage brokers) secure the best deals for their clients. Basically, they want to make it easier for you to get the financing you need to buy that next investment property.
What Does This Mean For You?
With these new rates, you could be looking at lower monthly repayments on your buy-to-let mortgage. This could free up more cash for you to invest in other properties or to cover any unexpected expenses.
Get In Touch
If you’re thinking about buying a buy-to-let property or you’re looking to remortgage, it’s worth checking out Molo’s new rates. You could save yourself some serious cash!