Molo Finance, which claims to be the UK’s first ‘fully digital mortgage lender’, has launched a direct-to-consumer buy-to-let offering.
The lender is offering buy-to-let mortgages up to 80% loan-to-value, while it also plans to bring a residential range to market.
Molo said customers can submit applications online and get approved in 15 minutes and the majority of customers should receive a decision within 24 hours.
The lender is exploring whether to launch an intermediary proposition.
A Molo Finance spokesman said: “This is a first step for us towards the future of mortgages and finance: people in the UK have been left behind by the current legacy system for home financing, we aim at changing this, providing our customers a quicker, easier and more cost-effective alternative to buy their homes.
“We are unlocking new possibilities for the industry through the use of technology and we look forward to passing over the benefits of this to people in the UK.”
Molo was founded by chief executive Francesca Carlesi and Leo Gruenstein last year.
The fast speed to offer is said to be achieved by real-time decision-making and validation processes, mirroring the typical steps of loan processing but in a modern way.
Customers can take out a 2, 3 and 5-year fixed rate buy-to-let mortgage, while remortgagors can take out fee-free products.
Customers can access Molo’s products online, while the lender is still in Beta.
Molo currently accepts mortgage applications in England and Wales but plans to expand to the rest of the UK in ‘the next few months.’
The lender is not regulated by the PRA but has voluntarily adopted the regulator’s underwriting standards.