Depending on your application type, you'll need to know things like:
- Personal details
- Incomes
- Credit commitments
- Details about the property
- Potential rental income
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Am I eligible?
Eligibility for Molo mortgages depends on meeting certain criteria. For Holiday Let mortgages these are
Landlord experience
You can purchase a holiday let with a mortgage from Molo without any prior experience as a landlord. You can also be a first-time buyer
Applicants
You can apply for a holiday let mortgage as a limited company
Rental income assesstment
Rental income is assessed based on what the property would potentially earn on an Assured Short-hold Tenancy (AST)
HMOs / MUFBs
Holiday lets can’t be let out as houses of multiple occupation or multi-unit freehold blocks
Property valuation
A physical valuation is required to decide the suitability of the property
Income
No minimum income requirements
How do I get a Holiday Let mortgage?
See how much you can borrow in just a few minutes and start your application
Ready to get started?
Get a mortgage in principle to see how much you could borrow from Molo
What will I need?
Check your eligibility
Before beginning, make sure you meet the criteria above to improve your chances of being offered a Holiday Let mortgage with Molo.
Gather your facts
Molo has one of the most straight-forward mortgage applications out there, but we still need a fair amount of details to get going.
ID & Documents
We'll need to see proof of ID, as well as evidence of your incomes and financial status.
We ask for the following documents if applicable:
- Proof of income
- Source of deposit
- Residential status
- Other mortgages
- The property's EPC
- Any additional borrowing
- Proof of rental income ( AST Contract )
How will my mortgage application be assessed?
Once you’ve submitted your application, we’ll take these into consideration.
Financial assessment
We’ll assess your personal financial health. While there is no minimum income, we’ll need evidence of your ability to pay the monthly mortgage payments.
Credit check
A credit check provides insights into your financial stability. This helps us to better understand your creditworthiness and commitment to fulfilling financial obligations.
Property assessment
We’ll assess the property you intend to buy. This will likely involve a property valuation to ensure it’s worth the amount you want to borrow and meets the predicted rental income.
Rental income
Our decision is based on the potential rental income the property could generate under a long-term Assured Shorthold Tenancy agreement. Rental income calculations need to fall between 125-145% of the mortgage payment.
Save even more with a Savings Booster account from Molo
With a linked Savings Booster overpayment account, the more you save, the lower the interest charges you pay on your mortgage. For example:
Mortgage balance
£120,000
-
Savings Booster
£30,000
=
Interest paid on
£90,000
Mortgage balance
£120,000
-
Savings Booster
£30,000
=
Interest paid on
£90,000
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Molo Tech Ltd is registered in England and Wales no. 10510180. Registered office: Industrious, Office 405, 4th Floor, 70 St. Mary Axe, EC3A 8BE. Molo Tech Ltd is a wholly owned subsidiary company of ColCap Financial UK Ltd that is registered in England and Wales no. 14127877.