Modern-day mortgages for today's first time buyers

Get on the property ladder with just a 5% deposit with Molo's long-term FlexLife mortgage

Mortgages made for first time buyers

buy-a-home with a digital mortgage

Pay a flat monthly fee that never changes

Rates are fixed for the whole mortgage term, so you pay the same amount from day 1

Borrow up to 95% of the property price

Move for less with just a 5% deposit, and we can lend you 95% of the property price

Long-term mortgages without being locked in

Enjoy greater peace of mind knowing there’s no early repayment fees if you move or sell the property

Lock in low rates and leave it

Benefit from current low rates for a long term and don’t risk fluctuating mortgage costs in the future

The dream of buying a house, but earlier

Possibility

You can get a mortgage with only a 5% deposit so the dream of owning your home doesn't have to be a dream anymore.

Certainty

If you can afford your loan on day one, you can afford it forever - with a fixed rate mortgage the amount you pay every month never changes.

Peace of mind

Forget remortgaging every 5 years. Our long-term mortgages are designed so you don’t need to think about a new mortgage, ever again.

Flexibility

You're protected for major life events, sell your home to pay off the loan or take the mortgage with you if you move.

Check your eligibility

Find out if you meet our full lending criteria before applying

Personal eligibility

Minimum income

A minimum gross income of £24,500 is required for single applicants and £40,000 for joint applicants

Residential status

Applicants must be residents or citizens of the UK

Customer age

Must be at least 18 years old at the time of offer.

Our rates

The rates below contain a £1,000 product fee included in the loan, for more details on our rates visit our mortgage rates page.

Loan to value

15 years

20 years

25 years

30 years

35 years

40 years

95%

3.70%

3.80%

3.81%

3.87%

3.90%

4.01%

90%

3.48%

3.58%

3.59%

3.64%

3.68%

3.79%

85%

3.29%

3.39%

3.40%

3.45%

3.50%

3.61%

75%

3.15%

3.17%

3.18%

3.24%

3.28%

3.40%

60%

2.92%

2.94%

2.95%

3.00%

3.06%

3.19%

A representative example…
A repayment mortgage of £200,000 payable over 25 years, on a fixed rate of 3.18% for 25 years, would require 300 monthly payments of £972.09 (with the product fee of £1000 added to the loan).The total amount payable would be £292,065.29 made up of the loan amount plus interest and £1000 product fee plus interest (product fee added to the loan). This is based on a purchase price of £270,000, valuation fee of £300, telegraphic transfer fee of £15 and redemption fee of £123.60 (all payable as a one off payment, i.e., not added to the loan). Please note your actual costs and monthly repayments will vary.

Molo exists to simplify your mortgage experience

Ditch the long waits and the endless paperwork and do it the Molo way.

Apply easily online

There’s no paperwork or appointments to worry about.

Faster decisions

Being online and automated means we deliver faster decisions.

Smart integrations

Smart and safe integrations make the process more efficient so we don't waste your time.

Enjoy top level service

We’re proud of our Excellent Trustpilot rating.

Hear what people are saying about Molo

We make it easier for people to buy a house with an online mortgage loan.

" Have been dealing with Molo for a while now and they're a great lender with an easy to use system. Would definitely recommend giving them a go "
Jamie
United Kingdom

Read more Trustpilot reviews

Rated Excellent by our customers

Learn more about mortgages for first time buyers

How can I get a first time buyer mortgage?

To get a mortgage as a first-time buyer, you need to have a deposit of at least 5% of the property price. You’ll also need a good credit score and need to be over the age of 18 with a minimum gross income of £24,500 per year.

 

To find a first-time mortgage, you can follow our guide on how to get a mortgage or apply for a mortgage directly with Molo. You can also search the web using comparison websites that allow you to compare the best deals. You can also use a broker, who will search the market on your behalf and find a lender matching your criteria. 

What deposit do I need as a first time buyer?

Many lenders offer 95% mortgages, which means you only need a deposit of 5% of the property’s price. For example, if you buy a house for £250,000 and pay a 5% deposit, you will need £12,500 – the lender will cover the remaining £237,500. If the fixed interest rate on the loan is 2.3% and the deposit is 5% of £250,000, you can expect monthly payments of £1,050.

Of course, you can pay a higher deposit to bring the costs down. This will lower the interest rate and also mean lower monthly payments. For example, if you bought a house for £250,000 with a 40% deposit (£100,000), the best rates are likely to be around 0.79%, which is approximately £551 per month in repayments.

Yes, you can apply for a 95% LTV mortgage without using a help to buy scheme. Government schemes are great ways to help you get on the property ladder, but they’re not the only option. Here at Molo, we offer 95% mortgages, meaning you only pay 5% of the home’s sale price. 

Having a good credit score gives you access to better mortgage products and lower rates. There are several actions you can take to boost your score, including registering for the electoral roll, making payments on time, checking your credit report for errors, avoiding applying for multiple loans at once and not spending too much of your credit.

Hassle-free mortgages with Molo

Your home may be repossessed if you don’t keep up repayments on your mortgage.

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