Specialist mortgage lender ModaMortgages has officially launched into the wider market after a three-month pilot with select partners.
Working exclusively through intermediaries, ModaMortgages will lend to a variety of landlords, including small and large portfolio, limited company, houses in multiple occupation (HMOs) and multi-unit freehold blocks (MUFBs) and individual and first-time landlords.
The lender, a brand owned by Chetwood Bank, along with CHL Mortgages, has now widened distribution and is accepting buy-to-let (BTL) mortgage cases from clubs including 3mc, Brilliant Solutions, L&G Mortgage Club, Paradigm, PMS and SimplyBiz. It has also partnered with networks including Connect, Cornerstone, HLPartnership, 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.
To coincide with the launch, ModaMortgages is offering a limited-edition range of two- and five-year BTL mortgages, with rates starting from 3.74% up to 75% loan to value (LTV) with a choice of either a 2.5% or 5% fee.
Darrell Walker (pictured), director of sales and distribution, 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.
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“The controlled launch period was hugely successful and the traction we’ve had has been really pleasing.”
Ahead of the launch, Mortgage Solutions spoke to Andrew Arwas, managing director of mortgages across ModaMortgages and CHL, to find out more about the proposition and the lender’s plans to expand its reach into other specialist lending markets in the future.
You can read the full interview here.
