It aims to cater to landlords purchasing or remortgaging properties with up to 12 lettable rooms or units
Digital mortgage lender Molo Finance has expanded its buy-to-let product suite with a new product range for large houses in multiple occupation (HMOs) and large multi-unit freehold blocks (MUFBs) or properties with up to 12 lettable rooms or units.
Francesca Carlesi (pictured), chief executive and co-Founder at Molo Finance, stated in a news release announcing the new products: “Our new large HMO and MUFB product range provides investors with competitive alternatives to help maximise their rental income across several properties, allowing Molo to remain competitive within the buy-to-let market.”
The lender’s large HMO and MUFB buy-to-let mortgages are available for independent landlords, with competitive rates starting from 6.69% on a two-year fixed rate, and 6.79% on a five-year fixed rate on all LTV options and across all sizes of HMO or MUFB.
All landlords are required to have a minimum of 12 months of landlord experience. Physical valuations apply for six lettable rooms or units, and a red-book valuation is required for properties with seven to 12 lettable rooms or units.
The move follows the launch of the lender’s existing MUFB range up to six units, and is in addition to its existing buy-to-let product range that includes HMOs for six lettable rooms, holiday let, new builds, portfolio landlords, and rapid remortgage 24-hour proposition.
The lender added that all large HMO and large MUFB cases would have a dedicated underwriter to ensure a smooth and systematic process.
🚨 New launch alert: Landlords can diversify their investments with Molo’s large HMO and large MUFB offering, on up to 12 lettable rooms/units. 🎉🎉
— Molo (@molofinance) July 4, 2023
More details on our Press Release can be found here: https://t.co/9cSMwaEPLz #mortgagenews #mortgagelender #largehmo #largemufb pic.twitter.com/VKbIVo4NMz
Carlesi explained: “From the successful launch of Molo’s existing HMO and MUFB range, we received feedback from landlords who have an appetite for properties with 12 lettable bedrooms or units as they seek additional property investment options to diversify their portfolio.”
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