The calculator displays results instantly and provides quotes which the user can then print off or email to themselves for reference.
It was developed in-house by IT expert Mark Ryan who adapted ‘Mortgage Flow’, the company’s bespoke buy-to-let sourcing tool for brokers, to develop a service that would be useful to landlords and residential property investors directly.
David Whittaker, managing director at Mortgages for Business, said: “Savvy landlords like to do their homework before talking to a broker and the calculator will really save them time. Not only will trawling through best buy tables be a thing of the past, the calculator allows landlords to play with the variables to get an instant idea of what might be achieved with the lenders. It’s a great tool, you don’t even have to press a submit button, the calculator calculates as you type. It works out minimum monthly rental requirements, shows how much you can borrow and how much your monthly repayments will be on interest only or capital and interest terms.”
Mortgages for Business has been trialling the calculator on its website for some weeks now and it has been well received by clients.The broker plans to offer it as an additional service to its appointed representatives and partners that have their own client landlords.
