New specialist buy-to-let lender ModaMortgages officially launches

ModaMortgages, the new specialist buy-to-let mortgage lender from Chetwood Bank, has officially launched today.

Working exclusively through intermediaries, ModaMortgages will lend to a wide variety of landlords, including small and large portfolio, limited company, HMO/MUFB, individual and first-time landlords. 

The lender has now widened distribution and is currently accepting buy-to-let mortgage cases from clubs including 3mc, Brilliant Solutions, L&G Mortgage Club, Paradigm, PMS and SimplyBiz and networks including Connect, Cornerstone, HL Partnership, InPartnership, The Mortgage Group, New Leaf and Sesame.

ModaMortgages plans to widen distribution further in the coming months, as well as growing its brand presence in the market. 

ModaMortgages is offering a limited-edition range of two and five-year buy-to-let mortgages with rates starting from 3.74% up to 75% LTV with a choice of either a 2.5% or 5.5% fee.

Darrell Walker, ModaMortgages’ director of sales and distribution (pictured), said: “The official launch of ModaMortgages is the culmination of two years of hard work and dedication, so it’s an incredibly exciting time for us. The controlled launch period was hugely successful and the traction we’ve had has been really pleasing.

“Our ethos is all about doing the basic things really well – that’s our mantra: smarter, faster, simpler. We offer a great broker-friendly proposition, clear and transparent criteria, certainty up front and competitive rates, all backed up by a team that has a mass of mortgage experience and industry knowledge.

“Our sales team covers all of England and Wales. They’re hungry and will be a breath of fresh air in the market. When you place a case with ModaMortgages, you know what you’ll find – good people giving it everything they’ve got and doing their best to help you and your clients.”

Martin Reynolds, chief executive at SimplyBiz Mortgages, commented: “We’re excited by ModaMortgages’ proposition at making buy-to-let lending as quick and simple as possible. We’ve enjoyed working closely them as they’ve prepared for their official launch and believe their offering will resonate with intermediaries keen to work with an uncomplicated, reliable lender. The launch of a new buy-to-let lender is another positive show of support in the long-term value that private landlords offer the rental sector.”
 
Greg Cunnington, head of strategic accounts - lender at L&G Mortgage Services, added: “We’re delighted to be able to welcome ModaMortgages to our panel at the start of their journey. We’re always looking for lenders who are innovative and who have that can-do attitude, and Darrell and his team certainly appear to have those qualities in abundance.”