Our loans are available to applications with up to a maximum of 4 individuals.
Note: This means that you can apply jointly with other individuals.
Applying as a Special Purpose Vehicle (SPV) limited company
Limited companies must be Special Purpose Vehicles registered in England or Wales.
At Molo we currently only lend to companies who carry our accepted SIC codes (at least one of 64305, 64910, 68100, 68209, 68310, 68320, 68201). No other SIC codes will be accepted.
Where an SPV has the following SIC code 68201, this cannot be the sole SIC code.
We only accept companies with up to a total of 4 directors and significant shareholders.
Each significant shareholder will need to provide a full personal guarantee.
Note: Take a look at our FAQ page on SIC codes to learn more.
First time landlords
We lend to individuals or Special Purpose Vehicles (SPVs) with a maximum of 20 mortgaged buy-to-let mortgaged properties (across all applicants).
We have no limit to the number of unencumbered properties in your portfolio.
Note: All portfolio landlords must complete the Molo portfolio form available to download at Portfolio btl.
All applicants must be at least 21 at the time of offer.
Applies to all applicants.
No more than £1000 of satisfied CCJs within last 24 months.
No unsatisfied CCJs.
No previous bankruptcy or IVA in the last 6 years.
No defaults on unsecured products in the past 12 months (all applicants), no more than cumulative £1,000 defaults value in the past 36 months (all applicants), and all defaults must be satisfied on application (all applicants).
No previous repossessions.
Arrears: A maximum of 1 in the previous 12 months (specific to secured arrears, not unsecured debts).
We only provide buy-to-let mortgages and don’t offer residential mortgages at present.
Remortgage & Borrow More.
Remortgage & Borrow more for debt consolidation purposes.
Note: We allow all three types of loan on non-portfolio landlord buy-to-let mortgages.
All our mortgages are interest-only.
Note: Rather than having to repay the loan monthly, the full repayment amount is due at the end of the loan period. Therefore, your only monthly payment is the interest only.
Minimum 5 years, maximum 35 years
Note: If you pay the mortgage in full before the end of the term, you would need to pay an exit fee (take a look at our Tariff of Charges for more information).
We have a minimum loan size of £45,000.
Maximum Loan Size – 80% LTV: £1,000,000.
Maximum Loan Size – 75% LTV: £1,250,000.
Maximum Loan Size – 65% LTV: £1,500,000.
Maximum Loan Size – 60% LTV: £3,000,000.
Maximum Loan Size for New Build – 75% LTV: £1,000,000.
Maximum LTV for Remortgage and Borrow More: 75%
We currently offer mortgages up to a maximum of 80% LTV.
Note: This means your deposit will have to be worth at least 20% of the property’s value.
Acceptable sources of deposit
We accept the following as sources of deposit:
Equity Release (e.g. sale of another property).
Gift (from immediate family only).
Builders contribution (up to 5% of the deposit).
Molo Mortgage Offers are valid for a period of 4 months.
We will require a 1st Legal Charge on the mortgaged property
Currently we do not allow the following amendments to the mortgage contract:
Transfer of Equity.
Note: These changes can only be carried out by remortgaging, rather than by amending an already existing contract.
- Additional lending: increasing the mortgage loan.
- Transfer of equity: adding additional people to the contract as equity holders in the property.
- Portability: transferring the mortgage product to a different property.
We do not offer loans that are classified as Consumer Buy-To-Let.
Note: We therefore cannot lend to you if both of these statements apply to you:
- You don’t have any other buy-to-let properties and,
- You or any of your family members have previously lived in the property that you’re intending to let out.
Take a look at our FAQ page on “Consumer buy-to-let” for a more detailed explanation.
Let to buy
We offer loans that are classified as let to buy.
Note: Let-to-buy is when you rent out your existing home and buy a new one to live in. Essentially, it involves having two mortgages at the same time. You convert your existing mortgage to a buy-to-let mortgage so you can let out your current home, and then take out a standard residential mortgage on the home you’re buying.
Loans per customer
We allow you to apply for up to 20 mortgages with Molo, totalling a maximum value of £5 million (combined across both individual and SPVs).