At Molo, we recognise the challenges that brokers like you face in ensuring affordability for your clients in the ever-evolving property market. To address this, we’re delighted to share some exciting updates regarding our stress test recalibration.
We have reduced stress rates for our 2-year fixed and tracker products across both UK resident and non-UK resident borrowers. This adjustment is designed to better support the private rental market, providing enhanced solutions for your clients.
Highlights:
- 2-year Fixed Rates: Now calculated as the higher of pay rate, follow-on rate, or 5.50%.
- 5-year Fixed Rates: Based on the pay rate.
- Tracker Rates: Calculated as the higher of pay rate plus 2%, follow-on rate, or 5.50%.
- Variable Rates: Now determined as the higher of pay rate plus 2% or 5.50%.
These improvements benefit borrowers in the UK and abroad. In conjunction with fixed price-rate reductions announced on January 23, 2024, these initiatives offer flexibility, allowing your clients to navigate the property market with confidence.
See how Molo can help you and your clients by visiting our Broker Page for more information.
As always, if you have any questions don’t hesitate to get in touch with us by email at brokersupport@molofinance.com.