Wednesday, 1st November 2023: We are proud to introduce our affordability assessment for single applicants, allowing customers to use their personal income and rental to support the application.
Many landlords face difficulties in meeting borrowing requirements solely based on their rental income assessments, often referred to as the Interest Coverage Ratio (ICR). This is why we are introducing our affordability assessment that provides a practical alternative that empowers customers to leverage their personal income to support their buy-to-let mortgage payments.
Molo’s affordability assessment is available across all product categories, including specialised offerings designed for HMO, MUFB, and Portfolio landlords.
Speaking about affordability assessments for buy-to-let, Mark Michaelides, VP of Strategy at Molo says
“We recognise the difficult economic environment that landlords are facing today, so we are delighted to introduce Molo’s affordability assessment, helping investors leverage their personal income to finance property deals. We remain committed to innovation and adaptability in our approach and product offerings, all while maintaining robust affordability standards.”
About Molo Finance
Molo is an award-winning fintech startup that is transforming the mortgage industry as Europe’s only digitally native mortgage lender. Since it launched in 2018, Molo uses technology to deliver simpler and faster online mortgage lending.
Molo’s primary goal is to transform the broken mortgage market, moving away from cumbersome, inefficient, and slow processes, to fast, near real-time decisions. Since its launch, Molo has led change in the UK mortgage industry originating over £300m in online mortgage loans to date. Molo among others is backed by ColCap Financial Limited and has won several awards, including ‘Best Digital Mortgage Lender’ at the Fintech Awards and ‘Best Online Mortgage Lender’ at the Lending Awards.
In March 2023, ColCap Financial Limited, a leading Australian privately owned nonbank mortgage lender, acquired an 80% shareholding in Molo after the two companies entered a strategic partnership in 2022. This was a significant milestone in Molo’s history, strengthening Molo’s position in the market and opening up new possibilities for international growth and innovation.