As a result of the discontinuation of LIBOR in its current form, Molo will no longer be using it as a base rate. Instead, we will calculate the interest rates on our loans by reference to the Bank of England base rate in its place.
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.