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Molo introduces Savings Booster
Molo Finance, the UK’s first fully digital mortgage lending platform, has introduced a ‘Savings Booster’ feature across its buy-to-let products.
Market volatility in the UK has resulted in landlords facing the highest mortgage interest rates in over a decade. Recognising the challenges landlords face, Molo’s new proposition lets landlords reduce the amount of interest they pay, lowering the monthly cost of their mortgage.
- The Savings Booster allows customers to bring down the interest rate cost on their mortgage by depositing sums into a linked overpayment account
- Molo will reduce the balance from which interest is calculated according to the amount paid into the Savings Booster. This is not an ‘offset’ mortgage, but works in a similar way
- Interest fees are charged daily on the net balance of the mortgage loan, with no early repayment charges
- Customers can borrow-back from the Savings Booster at any time by withdrawing funds into their own bank account or paying directly to a third party, for example, to pay for goods and services
- Customers can borrow-back or check the value of their Savings Booster at any time by using Molo’s online portal
For more information and examples, please visit our website: www.molofinance.com/mortgage/buy-to-let/savings-booster
Francesca Carlesi, CEO and Co-Founder at Molo says “With interest rates at their highest for over a decade, landlords need more options for their buy-to-let mortgages. The private rental sector is an important part of the UK housing market, and hence landlords need lenders to be more innovative than ever. Molo is aware of the complex financing needs that landlords have, so we have gone beyond typical buy-to-let products to launch the Savings Booster, giving landlords true flexibility over their mortgage payments.”
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