As a result of incoming changes to regulatory requirements by the end of 2021, Molo will no longer be using LIBOR as a base rate. Instead, our reversionary base rate (also called the follow-on rate) will be the Bank of England base rate.
We are changing this for new mortgages now and will be contacting our existing customers about the transition shortly.
This is something that all financial institutions that use LIBOR must do before the end of the year due to guidance from the FCA. Have a look at our LIBOR rate change information to find out what this means for you and your Molo application.