Priya PatelTLDR:
- Molo Finance has launched expat buy-to-let mortgages for British nationals living abroad.
- The loans are open to UK nationals living and working in over 70 countries.
In a recent development, Molo Finance has introduced expat buy-to-let mortgages for British nationals residing overseas. These loans are accessible to UK citizens in more than 70 countries, including popular expat destinations such as Hong Kong, Singapore, and the UAE. The digital lender’s expat BTL range features a one-year fixed product starting at 4.99%, along with two- and five-year fixed-rate options from 6.24%. Applicants can have their applications evaluated based on both rental coverage and income, with lending opportunities available for property purchases and remortgages in England and Wales at up to 80% loan to value. This move comes after Molo Finance rolled out non-resident mortgages in October, indicating a strategic expansion in their product offerings.
Additionally, the company has made adjustments to rates for both UK-resident and non-UK resident products. For UK residents, individual and limited company two-year fixes commence at 4.55% for 75% LTV, while five-year fixes start at 5.44% for the same LTV. On the other hand, non-UK residents can benefit from individual and limited company standard one-year fixes starting at 5.99% for 70% LTV. Molo Finance CEO, Matthew Kimber, expressed enthusiasm for the positive reception received from brokers following the introduction of their non-resident BTL range, highlighting a significant interest in expat lending among industry professionals.
Overall, Molo Finance’s introduction of expat buy-to-let mortgages reflects a strategic move to cater to the diverse needs of British nationals living abroad and underscores their commitment to providing innovative lending solutions in the digital finance sector.
