The Mansfield Building Society has launched an online buy-to-let calculator to assist landlords and mortgage intermediaries with quickly checking affordability against the mutual’s rental income requirements.
The calculator works with the Mansfield’s buy-to-let range including its standard, consumer, family, limited company and expat products.
It will offer a simple Pass, Refer or Decline decision based on the loan amount, product pay rate and monthly rental income.
Where a Refer or Decline result is presented to the user, the tool will calculate the maximum loan available based on the rental income. It will also calculate the minimum rental income necessary to support a particular loan size.
Paul Lewis (pictured), national development manager at the Mansfield, said: “With the new online buy-to-let affordability calculator, brokers will be able to check rental income requirements for their clients based simply on the product pay rate and loan amount.
“This will help brokers provide prompt accurate advice across our buy-to-let range without the hassle of trawling through criteria guides and product rules to understand the calculation.
“Furthermore, our calculator is flexible enough to accommodate our niche lending segments, so brokers across the buy-to-let sector can be confident when helping their clients make investment choices and assessing their borrowing needs.”