Buy to let affordability calculator launched

Buy to let affordability calculator launched

Mortgage Broker Tools has launched a buy to let affordability calculator for advisers.

The tool allows brokers to research the amount buy-to-let clients can borrow, based on the interest cover ratio (ICR) of a property and a client’s income.

According to Mortgage Broker Tools, its calculator will enable brokers to assess their client's position in relation to criteria from 65 buy-to-let lenders.

The calculator applies to both limited companies and individual buyers.

The tool will also record all cases and affordability results for an automatic compliance audit trail.

Tony Si, director of The Buy to Let Specialist, said: “It is great to see technology being introduced to help busy brokers improve productivity. With the ever increasing complexity with affordability criteria and differing lender approaches, it is a great idea to get things under one roof.

“It would be interesting to see if this will work in the real world, as keeping up to date with live changes of criteria, products and affordability seems to where many broker tools fall short.”