The demand for rental property, and London, is such that landlords have an excellent opportunity here. We know there are many challenges to being a landlord, but at David Harris & Co, our expertise and experience ensures we walk you through every start of the process.
There is also positive news when it comes to obtaining a mortgage, which is an area we are always keen to assist potential and existing landlords with. If you have any questions regarding your mortgage, get in touch, and we will do our best to get you up to speed with what is available.
Molo Finance has announced significant reductions in its buy-to-let mortgage rates for UK residents, expats, and non-UK residents, with adjustments of up to 25 basis points. These changes are effective immediately and offer various opportunities for current and prospective landlords.
For UK residents, the new rates are particularly attractive. The two-year fixed buy-to-let rates now start at 4.35% for both individual and limited company borrowers at a 75% loan-to-value (LTV). For those looking for longer-term stability, the five-year fixed rates begin at 4.96%. This reduction can help landlords manage their finances more effectively and potentially increase their rental yields.
Specialist property products, including Multi-Unit Freehold Blocks, Houses of Multiple Occupation, Holiday Lets, and Investor-Led properties, also benefit from reduced rates. Two-year fixed rates for these products now start from 4.45%, while five-year fixed rates start at 5.06%. These competitive rates can make it easier for landlords to invest in diverse property types, potentially increasing their portfolio's profitability.
Expats also have access to more favourable terms. Two and five-year fixed buy-to-let products for expats now start from 4.99% for capital and interest mortgages, and 5.74% for interest-only mortgages, both at a 70% LTV. These reduced rates can make property investment more accessible for expats, enabling them to take advantage of the UK property market.
However, for non-UK residents, fixed rates remain unchanged. One-year fixed rates start at 5.99%, and two-year fixed rates start at 7.74%. Additionally, tracker rates have been increased, with two-year trackers starting from 8.65% and five-year trackers from 8.84%, both at a 70% LTV. While these rates are higher, they reflect the risk assessments and market conditions affecting non-UK residents.
It's important to note that a £150 application fee applies to all new applications submitted by UK residents. Landlords and potential landlords should factor this into their cost considerations when applying for a mortgage with Molo Finance.
These rate changes by Molo Finance present valuable opportunities for landlords to refinance existing properties or expand their portfolios under more favourable conditions. Staying informed about such adjustments is crucial for making strategic investment decisions that maximise returns and minimise costs.
Molo’s Distribution Director, Martin Sims, says: “We are pleased to announce these updated rates across our buy-to-let product range. By offering more competitive rates, we aim to empower intermediaries to secure optimal financing solutions, helping them to meet their client’s needs.”
We have assisted many Finchley homeowners and landlords looking to let their property, and we know what tenants are looking for when searching for rental accommodation. You can take the stress out of connecting with likely tenants by turning to a local letting agent in Finchley.
If you want to make an informed decision in and around Finchley’s lettings market, we are here for you. If you have any questions about the local rental market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
