It now has a compare function that makes product comparison easier
Specialist buy-to-let lender Landbay has enhanced its buy-to-let affordability calculator with a compare function that makes comparison of its products easier.
“Our affordability calculator is a really useful tool for brokers and landlords to compare the different buy-to-let mortgage products we offer,” Paul Brett (pictured), managing director of intermediaries at Landbay, commented on the upgraded BTL calculator, which was first launched in 2021.
“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 two-year deals, which are stress tested at pay rate plus just 1%, instead of 2%. Five-year fixes are stressed at pay rate only.”
Landbay’s affordability calculator can be found on the intermediaries page of the lender’s website.
The lender said intermediaries and landlords could use the calculator to explore different scenarios on products and pricing to work out how could be borrowed and how much rent would need to be charged.
It added that search filters could also be used to easily find products, and a tick on the compare button on each product would display the comparison needed by the user.
After providing information about the price of the property and how much the user wants to borrow, the products would also display the interest cover ratio, and how much could be borrowed, plus the fees. Alternatively, the user could enter the property price and anticipated monthly rental charge, and the results would show the maximum amount that could be borrowed.