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.
Update from the Molo team
We’re reaching out again, as promised, to ensure we are keeping you in the loop on our buy-to-let mortgage offers and completions.
What happened?
Just as a recap, at very short notice, our main funder required us to increase some of the mortgage offers we had made in the past to reflect the considerably increased cost of funding the loans today. This was at very short notice and we have been doing everything we can since to find a way to help those customers who have been impacted by this. We are sorry for all the inconvenience this has caused.
What are the options?
As we are finding, it takes a frustratingly long time to sort everything needed to put alternative funding arrangements in place. As we are not yet able to guarantee that no other customers will be impacted, we are giving our customers the option of:
1. Cancelling the offer and moving to another lender. We realise it won’t be possible in every case, but wherever possible, we hope that legal work may be repurposed and valuation reports rekeyed to the new lender.
2. Postponing exchange of contracts and completion dates wherever possible until we have a bit more certainty about future funding.
Next steps
We will be in touch directly with customers nearing completion to discuss how they wish to proceed.