New BTL lender promises ‘smarter, faster, simpler’ offering

A new specialist buy to let mortgage lender has officially launched, bringing a focus on ‘smarter, faster, simpler’ lending to the UK market.

ModaMortgages, a subsidiary of Chetwood Bank, is working exclusively through intermediaries and will cater to a diverse range of landlords.

These will include small and large portfolio landlords, limited company landlords, HMO/MUFB, individual and first-time landlords.

The lender covers England and Wales is working with various clubs and networks, including 3mc, Brilliant Solutions, L&G Mortgage Club and Paradigm.

To celebrate 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% LTV with a choice of either a 2.5% or 5.5% fee.

‘Two years of hard work’

The lender’s director of sales and distribution, Darrell Walker, 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.”

He added: “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.”

‘Expand its distribution and brand presence’

The lender is planning to expand its distribution and brand presence in the coming months and also works with PMS, Connect, Cornerstone, HL Partnership and The Mortgage Group.

Doug Hall, a director at 3mc, said: “We’re delighted to partner with ModaMortgages during such an important time for their future growth.”

Martin Reynolds, the chief executive at SimplyBiz Mortgages, said: “We’re excited by ModaMortgages’ proposition at making buy to let lending as quick and simple as possible.”

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