BrokerSense, who provide specialist mortgage calculators to brokers, has launched a buy-to-let mortgage calculator.
This is a complementary service to its mainstream mortgage calculator that launched at the beginning of this year.
The new calculator will provide maximum lending amounts 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 a portfolio. Brokers with portfolio clients can import their clients’ portfolio spreadsheets including: monthly mortgage payment, borrowing amount, property value and rental income.
The buy-to-let 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, then BrokerSense will also perform a land registry search using APIs.
Results from the BrokerSense calculator will be presented as a visual overview which brokers can print off or transfer into their client CRM system.
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.
“Our aim has been 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, helping brokers to fight the rise of the robo-adviser.”