Molo Mortgage

Jesse009

Hello all,
Anybody has any experience with Molo Mortgage? I am in the process of applying for mortgage via Molo Finance. However the product fees is very expensive (£6400). Another thing I cannot add the product fees to the mortgage.

This is the product illustration

Initial interest rate  5.65%

Interest rate type   Fixed

Initial rate term  24 months

Anybody think this make sense?. 

ACG

Is there a reason you are going to molo and not another lender? They will never be the cheapest. If you have something making your situation more complicated then you may have to take the hite. 

On a side note, the reason for the higher fees (with a lot of BTLs), is because the rates would be higher if the fees were lower. Landlords would then probably be losing money each month as the rent would be less than the repayments. 

Jesse009

 I was informed molo is the best. I will just contact a broker to avoid making mistake

thanks

ACG

BTLs are not really my thing anymore so they could well be, but you need to ensure you are not confusing cheapest rate with cheapest. A £6k fee on a 2 year fixed rate means if the mortgage is £200k(ish), you are in essence paying closer to 8.6%.