Molo introduces affordability assessments, a new solution to revolutionise the buy-to-let mortgage market.
News Highlights
- Molo introduces single-applicant affordability assessment for buy-to-let
customers via its online application journey - Borrowers can use their income to support mortgage payments, rather than
relying solely on rental income assessments - Affordability assessments can help borrowers navigate the challenges of a high
interest-rate environment - Molo’s affordability assessment is available across all product categories,
including its specialised products
Wednesday, 1st November 2023: Molo Finance, the UK’s first fully digital mortgage lending platform, is proud to introduce its affordability assessment for single applicants,
allowing customers to use their personal income and rental to support the application. This innovative solution is set to revolutionise the buy-to-let mortgage market.
Many landlords face difficulties in meeting borrowing requirements solely based on their rental income assessments, often referred to as the Interest Coverage Ratio (ICR).
This challenge is compounded by today’s high interest rates. Recognising these challenges, Molo has introduced the affordability assessment, providing a practical
alternative that empowers customers to leverage their personal income to support their buy-to-let mortgage payments.
The digital lender’s affordability assessment leverages data from various sources, including credit bureaus and the Office for National Statistics (ONS) to derive a
borrower’s net disposable income and make informed lending decisions. It’s worth noting that Molo’s affordability assessment is available across all product
categories, including specialised offerings designed for HMO, MUFB, and Portfolio landlords.
Molo is committed to delivering innovative, customer-focused solutions. With a track record of excellence and a commitment to helping customers achieve their financial goals. Molo’s affordability assessment is a testament to their dedication to providing innovative, customer-centric solutions in the ever-evolving mortgage industry.
Speaking about affordability assessments for buy-to-let, Mark Michaelides, VP of Strategy at Molo says “We recognise the difficult economic environment that landlords are facing today, so we are delighted to introduce Molo’s affordability assessment, helping investors leverage their personal income to finance property deals. We remain committed to innovation and
adaptability in our approach and product offerings, all while maintaining robust affordability standards.”
Molo’s affordability calculator can be found here: https://molofinance.com/tools/buy-to-let/how-much-can-i-borrow