"The interest and growth we have seen off the back of our buy-to-let product has confirmed our belief that there is a need for a direct, fully digital residential product within the UK market"
The FlexLife range will provide consumers with a fixed-interest rate from 15 to 40 years, available up to 95% LTV at 6x loan to income, subject to affordability.
Product rates start at 2.92% for a 60% LTV 15-year mortgage, with 25-year and 40-year 60% LTV products available at 2.95% and 3.19% respectively.
95% LTV products start at 3.70% for a 15-year mortgage, with 25-year and 40-year products available at 3.81% and 4.01%.
The mortgages have flexible product features including a 10% annual overpayment facility, the ability to port to a new home, and the option to pay off the entire balance in full at any time without penalty upon sale of the property or through personal funds.
Molo has provided buy-to-let mortgages since 2018.
Francesca Carlesi, CEO and co-founder of Molo, said: “Over the past few years, Molo has quietly built the foundation needed to launch a residential product. The interest and growth we have seen off the back of our buy-to-let product has confirmed our belief that there is a need for a direct, fully digital residential product within the UK market, and we are delighted to be partnering with Rothesay to provide it. Our ‘FlexLife Mortgage’ allows customers to enjoy the long-term flexibility and security they deserve along with a smooth home buying experience.”
Tom Pearce, managing director of Rothesay, added: “We are really pleased to support Molo in bringing a new, simple, long-term mortgage product to the market which offers borrowers future certainty as well as making it easier for first time buyers to enter the property market. These new mortgages combine the security and predictability that many borrowers are looking for but also offer the flexibility they might need over the course of the loan. Rothesay is a significant investor in the UK with over £60bn of assets under management, and these mortgages offer a further attractive investment for us as we secure the future for our pension policyholders.”
