Molo Finance have announced a product update. Contact our team for more information. If you would like further information directly from Molo Finance, visit their intermediary site here.
Molo Launches New Product Feature Savings Booster
News Highlights
● Molo’s mortgage loans now come with a Savings Booster feature available to all
Buy-to-Let customers
● The money deposited in a Savings Booster account linked to a mortgage will
reduce the amount of interest paid, lowering monthly mortgage payments
● Customers can borrow-back from the Savings Booster whenever they choose using a
drawdown facility
● Customers can check the value of their Savings Booster at any time by using Molo’s
online portal
Tuesday, 8th November 2022: Molo Finance, the UK’s first fully digital mortgage
lending platform, has introduced a ‘Savings Booster’ feature across its buy-to-let
products.
Market volatility in the UK has resulted in landlords facing the highest mortgage interest
rates in over a decade. Recognising the challenges landlords face, Molo’s new
proposition lets landlords reduce the amount of interest they pay, lowering the monthly
cost of their mortgage.
The Savings Booster allows customers to bring down the interest rate cost on
their mortgage by depositing sums into a linked overpayment account
● Molo will reduce the balance from which interest is calculated according to the
amount paid into the Savings Booster. This is not an ‘offset’ mortgage, but works
in a similar way
● Interest fees are charged daily on the net balance of the mortgage loan, with no
early repayment charges
● Customers can borrow-back from the Savings Booster at any time by
withdrawing funds into their own bank account or paying directly to a third party,
for example, to pay for goods and services
● Customers can borrow-back or check the value of their Savings Booster at any time
by using Molo’s online portal