The new business offers a limited edition range of two- and five-year landlord mortgages, with rates starting from 3.74% up to 75% LTV along with a choice of either a 2.5% or 5.5% fee.

It will lend to a variety of landlords, including those with small and large portfolios, limited company, houses in multiple occupation/multi-unit freehold blocks, individual and first-time landlords.

The lender has widened its distribution and accepts BTL mortgage cases from clubs including 3mc, Brilliant Solutions, L&G Mortgage Club, Paradigm, PMS and SimplyBiz and networks including Connect, Cornerstone, HL Partnership, InPartnership, The Mortgage Group, New Leaf and Sesame.

The new business plans to widen distribution further in the coming months and grow its brand presence in the market.

The firm leaves the soft launch period it entered in October.

Wrexham-based digital bank Chetwood Financial, which itself was founded in 2016, set up the unit and has been preparing for its launch over the past two years.

The bank bought buy-to-let lender CHL Mortgages for Intermediaries in May for an undisclosed fee to run alongside ModaMortgages.

ModaMortgages director of sales and distribution Darrell Walker says: “Our sales team covers all of England and Wales. They’re hungry and will be a breath of fresh air in the market.

“When you place a case with ModaMortgages, you know what you’ll find – good people giving it everything they’ve got and doing their best to help you and your clients.”

Also, as part of the launch the firm will give away five £250 John Lewis vouchers to brokers who register on its website by 28 February.