New digital mortgage lender Molo Finance has launched in beta mode with a buy-to-let product range.
The fintech claims the digital mortgage application is the first of its kind in the UK. Users can go through a complete mortgage application process and get an offer in as little as 15 minutes directly from their mobile.
Although some applications will be referred for additional credit checks, Molo still aims to provide a final decision for most customers within 24 hours. It says this is an improvement from the industry standard of 18 to 40 days.
The speed of the offer is achieved by real-time decision-making and validation processes, mirroring the typical steps of loan processing.
Molo’s mortgage product range includes two, three and five-year fixed rate products for borrowers with deposits from 20 per cent. Remortgage products have zero product fees.
Customers can access Molo’s products online through its website and, while the application can be completed online, customer service is available for any queries.
Molo is accepting applications for properties in England and Wales but plans to expand to the rest of UK in the next few months.
Molo chief executive officer Francesca Carlesi says: “This is a first step for us towards the future of mortgages and finance. People in the UK have been left behind by the current legacy system for home financing, we aim at changing this, providing our customers a quicker, easier and more cost-effective alternative to buy their homes. We are unlocking new possibilities for the industry using technology and we look forward to passing over the benefits of this to people in the UK.”
Molo was founded last year by Carlesi and Leo Gruenstein. Mortgage Strategy reported in June that former FCA mortgage sector manager Lynda Blackwell had joined Molo as a non-executive director.