How Molo works

Unless you’re rolling in money like Scrooge McDuck, there is a good chance that you will need to get a mortgage when buying your home or investing in a buy-to-let property. The process of getting one has always been a hassle: brokers, copious amounts of paperwork, appointments followed by long waiting times for a decision, high fees — the list goes on.

Things work a little differently at Molo, where a fully digital experience takes precedence. The result is an efficient mortgage-application process that is recalibrating the industry. Approval within minutes. Everything online. No hassle.

But how exactly does Molo work? We have unpacked everything to bring you a fully comprehensive guide to how getting a mortgage works at Molo. Find out what you do and don’t need and how to apply for a mortgage and get a decision online. No jargon; just the facts.

Tell me more about digital mortgages

Today, people expect instant access, whether it’s watching their favourite TV show on a streaming service or transferring money from one bank account to another. And they’re used to doing it with minimal effort.

Molo adds the “instant” factor to the mortgage industry, offering people the opportunity to apply and get a decision within minutes. Everything is laid out in front of you, which means no hidden fees and a fully transparent process.

What mortgages are available?

To get things started, we have launched with buy-to-let mortgages for those who are looking to purchase or remortgage an investment property with the intentions of letting it out. Soon we will add residential mortgages, meaning that anyone who wants to finance their home, whether it’s a first-time purchase, or a remortgage, will be able to apply with Molo. You can register early interest in residential mortgages.

If you’re interested in a buy-to-let mortgage or remortgage, our calculator provides an estimate of what you could be eligible to borrow. We have LTV (loan to value) up to 80 per cent, meaning all you need is a 20 per cent deposit.

If you’re happy with the results, you can apply instantly online and get a decision straight away.

Surely there must be some paperwork?

We don’t always ask for a life’s worth of information, including three months’ bank statements, outgoing and ingoing, savings, payslips and everything else in-between. The process is streamlined and provides you with a quick and easy way to get a mortgage.

To get an online mortgage decision, all you need to do is tell us a few things about yourself and the rental property, along with the amount you’re looking to borrow and the product type: fixed rate, tracker etc. We then do all the necessary checks in real time and give you an offer within minutes.

To summarise, you need:

· Personal information

· Information about the property, including location, value and expected rental

· Proof of ID, such as a passport or driving licence accompanied by a selfie

Did someone say selfie?

As the process is all done online, we need to confirm that you are who you say you are. We do this by marching a selfie with your form of ID.

How do fees work?

We aim to have the lowest fees in the market by limiting the amount of fees we charge (for example: no application processing fees), although sometimes there may be a product fee. During the application process, we will detail any product fees that need paying so you have complete transparency. Because we don’t personally charge a fee for our service, savings made will be passed onto you directly.

Is that really everything?

We believe in responsible lending, so on occasion, we might need a few more details. If this is the case, we will email you and ask for more information. The aim will always be to keep the process as quick as possible. Of course, the goal is to give you an instant decision, and we will always aim to provide one after your initial online application.

21st-century mortgages

For too long, trying to take out a mortgage has been a tedious and drawn-out process that leaves everyone feeling frustrated. The new digital climate has shifted the narrative: getting a mortgage should be a happy and exciting experience. We’re taking mortgages into the 21st century by simplifying the process and illuminating the customer experience.

That’s the Molo way.