Molo will shortly allow existing customers to choose a new product with us. This allows our mutual client to change their current mortgage rate to a new one with the same lender, allowing them to potentially save time and money.
What rate is available to our client?
The products available to clients will depend on their loan-to-value (LTV). All products, monthly payments and fees will be pre-calculated for you and included in the email we send.
Are there any fees for choosing a new rate?
There might be fees involved with choosing a new product, these include the following:
- Product fees – All of our products come with a product fee, this could either be paid upfront or added to the loan amount
- Legal fees – As part of this process the client’s servicing provider will change, meaning we will need to instruct a conveyancer. Our conveyance TLT LLP will carry out the legal work and has agreed to cover the basic legal fees; any additional costs will be payable by the client
What is the Proc fee?
A proc fee of 0.30% will be paid to you via your mortgage club or network.
How can I start this process?
Currently, this process will be manual, which means you cannot apply for a new product via our website. In order for you to request our mutual client’s available product options, please get in touch with the team.
Please note: We will be reaching out to all our existing customers who are either on our follow-on rate or who have a rate expiring with us, this year. Therefore, they may have already received an email from us. In order for you to get paid your proc fee, it is important that the application must come through you. So please make sure you check with the client if they have started any applications before reaching out to us.
As always, if you have any questions, please don’t hesitate to get in touch with us by email at brokersupport@molofinance.com