The UK’s first buy-to-let mortgage calculator of its kind has officially been launched by BrokerSense, the provider of specialist mortgage calculators for brokers.
Designed by a broker for brokers, the calculator is a complementary service to BrokerSense’s mainstream mortgage calculator – which launched at the beginning of the year – and has been developed to be as quick and simple to use as possible.
The new calculator will aim to provide maximum lending amounts in seconds, from over 75 buy-to-let lenders. It also includes a specialist portfolio calculator to help brokers calculate borrowing amounts for clients with more than four rental properties.
It can be used for one buy-to-let property or for clients with an extensive portfolio.
Brokers with clients with a portfolio of properties, however, can import their clients’ portfolio spreadsheets easily, including monthly mortgage payment, borrowing amount, property value and rental income.
Additionally, the calculator will populate the portfolio onto the BrokerSense system. This will then display a panel for each property with a rent slider to show:
- How many lenders will lend on that property
- How each property fits within the portfolio
- How it will affect the rest of the portfolio if the client were to increase the loan on a particular property, and therefore what someone can borrow against each property
- How different increases in rent affect the amount that can be borrowed against each property
If the first line of the address is included, BrokerSense will also perform a land registry search using APIs to pull this information in seconds.
Results from the calculator will be presented as a visual overview which brokers can print off or transfer into their client CRM system with just one click.
Stuart Phillips, director of BrokerSense, said: “After many years of being a broker I understand the frustrations of trying to work out exactly what a client can borrow. This becomes much harder when it comes to buy-to-let, especially if a client has a portfolio of properties.”
“BrokerSense has been designed to answer this problem and take away one of the headaches that brokers face every day. I know that some brokers shy away from advising on buy-to-let mortgages because of the complexity of working out affordability, so it is my hope that BrokerSense will also provide these brokers, with access to this market and a stream of new clients with it.”
The provider also aims to ‘eliminate duplication and unnecessary administration work’ by bringing the type of technology used by robo-advice platforms and digital advisers to the traditional mortgage broker market.
Brokers can access the calculators at www.brokersense.co.uk.