Molo reduces buy-to-let costs with new 'savings booster' feature

Molo Finance has introduced a ‘savings booster’ feature across its buy-to-let products.

The proposition lets landlords reduce the amount of interest they pay, lowering the monthly cost of their mortgage, by depositing sums into a linked overpayment account.

Molo will reduce the balance from which interest is calculated according to the amount paid into the savings booster, working in a similar way to an offset mortgage.

Interest fees are charged daily on the net balance of the mortgage loan, with no early repayment charges.

Customers can borrow-back from the savings booster at any time by withdrawing funds into their own bank account or paying directly to a third party, for example, to pay for goods and services.

Francesca Carlesi, CEO and co-founder at Molo, said: “With interest rates at their highest for over a decade, landlords need more options for their buy-to-let mortgages. The private rental sector is an important part of the UK housing market, and hence landlords need lenders to be more innovative than ever.

"Molo is aware of the complex financing needs that landlords have, so we have gone beyond typical buy-to-let products to launch the Savings Booster, giving landlords true flexibility over their mortgage payments.”