"Whilst we are focusing our offer on buy-to-let landlords in the beginning, we will soon be developing our proposition and expanding the offering"
Molo allows users to go through the mortgage application online and receive an offer within fifteen minutes.
The lender says that some applications will be referred for additional credit checks whilst in the beta phase, but aims to provide a final decision for the majority of customers within 24 hours.
Molo’s buy-to-let product range includes a range of two, three and five-year fixed rates up to 80% LTV, with no product fees for borrowers remortgaging from an existing provider.
Molo will initially support applications for properties in England and Wales, but plans to expand to the rest of the UK over the next few months.
A Molo spokesperson 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.”
Speaking to Financial Reporter earlier this year, Francesca Carlesi, CEO of Molo, said: "Whilst we are focusing our offer on buy-to-let landlords in the beginning, we will soon be developing our proposition and expanding the offering to the residential owner-occupied space."
