Molo Finance has launched non-resident buy-to-let loans to allow foreign borrowers to fund properties in England and Wales.
The digital mortgage lender offers five-year tracker rates from 6.99%, as well as two- and five-year fixed-rate deals from 7.99%, at up to 75% loan-to-value.
It adds that its five-year switch product gives borrowers the option to move from a fixed rate to a tracker rate at any time during the loan period, to take advantage of any future reductions in the Bank of England rate.
Lending is available for first-time buyers and first-time landlords for capital and interest and interest-only mortgages.
The products cater for individuals and limited companies across a range of specialist products, including new builds, holiday lets, houses in multiple occupation, and multi-unit freehold blocks.
The loans are open to borrowers in over 60 countries, including China, Hong Kong, Singapore, and across the European Union. A UK bank account is not required.
Each mortgage package comes with the firm’s Savings Booster, a linked overpayment account designed to reduce monthly payments.
The move follows a pilot with several broker firms in the UK and Asia, and is open to all authorised broker partners.
Molo co-founder Francesca Carlesi says: “The UK property market continues to remain an appealing investment choice for global investors.”
The firm says it has partnered with Australian finance originator AAA Financial Corporation to assess and coordinate all non-resident BTL business.
In March, Australian finance firm ColCap Financial acquired an 80% stake in Molo for an undisclosed sum in a move that the company said would lead to further expansion.
