Landbay has upgraded its BTL affordability calculator with a new comparison function.
Intermediaries and landlords can use the calculator to explore different scenarios on products and pricing, to work out how much can be borrowed and how much rent will need to be charged.
Search filters find the required products which are then measured by ticking the new compare button next to them — then information about the property price and borrowing amount required are entered and the products will display the ICR and how much can be borrowed plus the fees.
Alternatively, the property price and anticipated monthly rental charge can be entered and the results will show the maximum amount that can be borrowed.
Paul Brett, MD of intermediaries at Landbay, commented: “Our affordability calculator is a useful tool for brokers and landlords to compare the different BTL 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 IRCR for stress testing.
“It’s useful for comparing two-year and five-year fixed rates such as our new like-for-like remortgage two-year deals, which are stress tested at pay rate plus just 1%, instead of 2%.”
