Landbay has upgraded its buy-to-let (BTL) affordability calculator tool with a function allowing for easier comparison of its products.
With the upgrade, intermediaries and landlords can explore different scenarios in terms of products and pricing, to work out how much can be borrowed and how much rent would need to be charged.
Alternatively, users can enter the property price and anticipated monthly rental charge into the Landbay affordability tool, and the results will calculate how much would need to be borrowed.
Paul Brett, managing director, intermediaries at Landbay, said: “Our affordability calculator is a really useful tool for brokers and landlords to compare the different buy-to-let mortgage products we offer.
“It is especially beneficial when comparing variable interest rate and fee structures, as it instantly illustrates the most affordable and suitable products available.
“For example, a lower rate and higher fee means more money can be borrowed and you can see the differences at a glance.
“The calculator can be used for both house purchase and remortgaging and incorporates the Interest Rate Cover Ratio for stress testing.
“That’s really useful for comparing two-year and five-year fixed rates such as our new like-for-like remortgage 2-year deals which are stress tested at pay rate plus just 1%, instead of 2%. 5-year fixes are stressed at pay rate only.”
