Molo is on a mission to make mortgages simple. Starting off in the buy-to-let sector, Molo has streamlined the process, to help people secure the property they want, sooner. No paper, no appointments, no middlemen and no months of waiting for decisions - just a fast, fair, fully-online process. Molo are the first partner to join the Starling Marketplace for business in the Mortgages category.
Who is Molo?
Like Starling, Molo was born out of frustration with traditional financial service provision and a drive to make it work better for people. “Few people would agree today’s mortgage market works well for customers here in Britain,” says Molo’s CEO and co-founder Francesca Carlesi. “It can still take weeks to get a mortgage offer, with no certainty you’ll even have a positive result. We’re changing that.”
As the UK’s first fully-digital mortgage lender, Molo is transforming the lending landscape, for good. Customers can get a Decision in Principle in minutes, without impacting their credit score. Using biometrics such as facial recognition Molo can identify and verify borrowers instantly and reliably online. Through open banking, affordability checks can take seconds versus weeks and through intelligent tech, mortgages can be digitally assessed, significantly reducing turnaround time.
What does Molo offer?
Molo offers fast, simple buy-to-let purchase and remortgage products for properties in England and Wales. Catering to Special Purpose Vehicle (SPV) limited companies, including multi-director with a maximum of four directors or shareholders, Molo also welcomes first-time buyers, first-time landlords, ex-local authority properties and they currently don’t lend to portfolio landlords with four or more mortgaged buy-to-let properties but have plans to expand this offering in late 2020. Their fully digital residential mortgage range is expected to launch in 2021.
Molo is a partner in our Starling Marketplace for business customers due to the business nature of buy-to-let. As always, our Starling Promise means that if you sign up through the Starling Marketplace, they won’t charge you more than if you went directly.
How much does Molo charge in fees?
If you’re eligible for a buy-to-let mortgage, fees will vary depending on the product you select and some may not apply to you. Generally there are three types:
The product fee (not applicable to all products) is payable on completion and depends on the type of mortgage you select, for example a five year fixed rate remortgage. See Molo’s mortgage page for a full lowdown of products and their associated fees.
The valuation fee will only be charged if a physical valuation is required on the property. Where possible though, this will be avoided using Molo’s smart automated valuation models (AVMs). A valuation is an independent estimation of the value of the property and the fee depends on the value decided. For a breakdown of the mortgage process and terms, have a look at Molo’s jargon buster.
The legal fee will vary according to a combination of factors specific to you. You’ll have the choice to use Molo’s preferred conveyancers for both your own checks and Molo’s checks or you can choose to use your own conveyancer for your checks which would be charged separately to Molo’s.
How do I sign up to Molo?
Starling business customers can go to the Starling Marketplace in their app, browse Mortgages and click on Molo. With your permission, details such as your name and address will be automatically filled in. You’ll also need to take a photo of your ID or passport and a selfie, which they’ll match using facial biometrics technology.
Molo will then ask some more questions about your borrowing needs and situation to see if they can offer you a Decision in Principle. This usually takes no more than a few minutes and involves an instantaneous soft credit check which won’t impact your credit score. If successful, your Decision in Principle will be valid for three months and can be used to help you secure the property you want.
If you wish to proceed with the mortgage, a hard credit check will be required which may impact your credit score.
Molo was created to put the customer first - with a streamlined process, a simple, fully-online user journey and full transparency - enabling customers to secure the buy-to-let property they want faster.