Getting a mortgage often felt like navigating a maze of information, filled with paperwork and jargon. Traditional banks have long been rooted in their ways, with everything disjointed and laborious. The landscape is starting to improve and simplify the mortgage process for customers, but many find themselves playing catch up.
Meet Molo, where borrowers can get a mortgage in principle within two minutes, straight from a computer or phone. While a remortgage offer takes up to 24 hours subject to the information provided.
Here’s Molo Chief Technology Officer Natalia Roshchupko on how Molo simplifies the mortgage process.
What does it mean to be an online mortgage lender?
Being an online mortgage lender means leveraging technology to provide a more accessible, efficient and customer-centric service. It’s not just about offering mortgages online but also creating an improved user experience and changing the way people borrow.
Molo, as a digital lender, allows for ‘anytime, anywhere applications’, freeing customers from the constraints of branch opening hours or lengthy phone calls. Moreover, we recognise the responsibility that comes with digitisation and place a high emphasis on educating users about the mortgage process to ensure a smoother journey.
75 LTV mortgages
- Borrow up to 75% of the property’s value
- Get a mortgage as an individual or limited company
- An online mortgage application that takes place entirely online.
How does Molo simplify the mortgage process?
Molo is fully digital. That means the entire application process takes place online, making it easier for borrowers. Let’s break it down further to understand why being digital improves the application process and simplifies the journey for our customers.
We don’t have a one-size-fits-all approach to questions during the application. We’ll only ask questions that you need to answer depending on what you’ve already answered. This significantly simplifies the process and makes it a lot easier and more tailored because you don’t have to fill in 100 questions often found with other applications.
Molo uses an automated decision-making engine, which not only speeds up the process but also eliminates any potential human bias that can play a part in mortgage application traditional methods.
Automated decisioning is beneficial for online mortgages for several other reasons:
- Efficiency: It can significantly speed up the mortgage approval process. Traditional methods can take weeks or months, but with automation, decisions can be made much sooner.
- Accuracy: Automated systems reduce the risk of human error. They can accurately analyse large amounts of data and make decisions based on predefined rules and algorithms.
- Consistency: With automated decision making, the same criteria is applied to every application. This leads to fair and consistent decisions.
- 24/7 Service: Automated decisioning lets customers apply for a mortgage at any time and receive a decision quickly, improving the customer experience.
- Data Analysis: Automated systems analyse a wide range of data points that a human might overlook, potentially leading to better risk assessment.
- Regulatory compliance: Automated systems are programmed to follow all relevant regulations, ensuring compliance and reducing the risk of penalties for the lender.
- Transparency: Customers get a clear understanding of why their application was approved or denied, improving transparency and trust.
Moreover, Molo updates its algorithms regularly to ensure its making accurate decisions.
We implement third-party data like open banking, which reduces the need for applicants to provide all information themselves and contributes to a quicker, more accurate decision-making process.
Always customer first
Being digital first is important, but it doesn’t mean we bypass the human side of things. Customer service plays a central role in every applicant’s experience, and we’re here as much or as little as you need us. So, whether you need some help with the application or have a question about any part of the process, our team is on hand and strives to offer five-star customer service.
What mortgages can I get with Molo?
Right now, we’re focused on the buy-to-let market and offering seasoned and first-time investors a smart and efficient way to secure their next rental property. When it comes to the types of buy-to-let mortgages we offer, you can expect to find a range of products on fixed-rates and trackers:
- Individual buy-to-let: A traditional buy-to-let mortgage.
- Limited company: We offer limited company mortgages for landlords looking to buy using an SPV.
- Remortgages: Our advanced technology means we can provide you with a remortgage offer in as little as 24 hours.
- HMO: Get a mortgage for up to 12 lettable rooms in a house of multiple occupation.
- Multi-unit freehold block (MUFB): An MUFB mortgage allows you to buy up to 12 units in one single building.
- Portfolio: We lend to portfolio landlords with up to 50 buy-to-let properties.
- Holiday let: Get a mortgage for your short-let holiday home.
Final thoughts: keeping it simple
In an era of rapid digital transformation, Molo is proving that the mortgage industry needn’t be left behind. By blending modern technologies with a customer-centric approach, we’re reimagining the mortgage process as a simpler, more efficient experience. Whether you’re a first-time buyer or a seasoned property investor, let Molo simplify your mortgage
75 LTV mortgages
- Borrow up to 75% of the property’s value
- Get a mortgage as an individual or limited company
- An online mortgage application that takes place entirely online.
