Compare Mortgage Rates from Moda Mortgages Against the Market

About ModaMortgages

Based in Wrexham, ModaMortgages was created by the team at Chetwood Financial to bring the speed of a digital bank to the complex world of landlord lending.

Their philosophy is built on transparency and speed. Unlike legacy lenders that can take weeks to review a case, Moda Mortgages uses advanced automation to provide instant Decisions in Principle (DIPs) and rapid offers. However, they combine this with a flexible criteria approach that can handle complex cases.

Mortgage & Finance Products

ModaMortgages is exclusively focused on Buy-to-Let (BTL). They do not offer residential mortgages for you to buy a home to live in.

• Specialist Buy-to-Let:

  • HMOs: Finance for Houses in Multiple Occupation (up to 6 bedrooms)

  • MUFBs: Finance for Multi-Unit Freehold Blocks (up to 6 units)

  • Limited Companies (SPVs): A core focus. They lend to Special Purpose Vehicles and trading limited companies

  • Portfolio Landlords: Designed for professional investors with up to 20 properties with Moda, no limit in the background

  • HMOs & MUFBs:

  • First-Time Landlords: Unusually for a specialist lender, they will consider First-Time Landlords subject to strict criteria

• Key Features:

  • Top Slicing: If the rental income falls slightly short of the affordability test, they can use your personal surplus income to "top up" the loan calculation

  • Desktop Valuations: For many remortgage applications, they use automated valuations rather than sending a surveyor to the property, which speeds up the process significantly

  • Product Transfers: They have launched with a retention strategy in mind, promising efficient switching for customers when their initial deal ends

Pros and Cons of ModaMortgages

Here is a balanced overview of this new lender.

Pros:

• Speed: Their "tech-first" approach is designed to deliver instant decisions and fast completions. If you need to secure a property quickly, their automated systems are a major advantage

• Flexible Criteria: Despite being automated, they accept complex risks like HMOs, Limited Companies, and Top Slicing that many high-street banks reject

• Adverse Credit: They are not a "sub-prime" lender, but they take a fair view on minor historic credit blips (e.g., satisfied defaults over 2 years old)

• Chetwood Backing: Being owned by a fully licensed UK bank (Chetwood) gives them financial stability and access to competitive funding

Cons:

• Intermediary-Only: You cannot apply directly. You must use a mortgage broker to access their rates

• New to Market: As they only launched in late 2024, they do not yet have a long-term track record of customer service or servicing loans over many years compared to established brands

• Buy-to-Let Only: If you are looking for a residential mortgage or a holiday let mortgage they cannot help you.

Customer Service and Reviews

As a new entrant, public reviews are still building up.

• Trustpilot: Early reviews for the specific ModaMortgages brand are limited due to their recent launch. However, the parent company Chetwood Bank (which also runs SmartSave savings) generally holds a solid reputation for digital efficiency

• Broker Feedback: Early feedback from the mortgage industry has been positive, particularly regarding the ease of their online portal and the speed of their "instant" DIPs

How to Apply

ModaMortgages is an intermediary-only lender. You cannot apply for a mortgage directly with them. Their products are exclusively available through professional mortgage brokers.

Applying through a Broker: You must use an independent mortgage broker. It is highly recommended to use one who specialises in Buy-to-Let. We can act on your behalf and submit an application to Moda, or a similar suitable lender for you. Simply get started to speak to a broker who specialises in BTL lending.