Molo has launched in beta mode with their buy-to-let product range, which they claim is the first of its kind in the UK.
Positioned as the UK’s first digital mortgage lender, borrowers could receive an offer in as little as 15 minutes and can complete their entire mortgage application online. In situations where applications require further credit checks, Molo aims to beat the industry standard of 18-40 days and provide a final decision within just 24 hours.
According to the fintech, the ability to make an offer so quickly is due to real-time decision-making and validation processes much akin to the typical steps of loan processing. While customers can access Molo products and complete an application all online (on a PC or their mobile phone), there is a customer service team available to handle queries.
Quick decisions using latest technology
Instant lending decisions, digital/paperless access and a transparent service all leveraged by the power of technology, put Molo at the forefront of changing the way customers experience the mortgage application process.
Molo is offering buy-to-let mortgages up to 80% loan to value and plan to launch a range of residential mortgage products too. Customers can opt for two, three and five-year fixed rate buy-to-let mortgages and remortgagers will benefit from their fee-free deals.
The need for a quicker, easier and more cost-effective alternative for buying a home is not new news. This year has seen RBS adopt DigiDocs, enabling their borrowers to experience a completely paperless mortgage application process, and a significant number of digital platforms have made great strides in offering modernised mortgage solutions.