BrokerSense has launched a buy-to-let mortgage calculator after a “positive” soft launch in January of this year.
The new calculator provides data on maximum lending amounts from over 75 BTL lenders, and also includes a portfolio calculator that analyses borrowing amounts for clients with more than four rental properties.
The calculator can also be used by brokers for homeowners with one property or portfolio landlords.
Brokers can input a client’s monthly mortgage payment, borrowing amount, property value and rental income into the system for portfolio landlords. Once all of the homeowner’s data is in the system it will calculate how many lenders will lend on that property and how each property fits into the portfolio.
In addition, it will show the effect on the rest of the client’s portfolio and how increasing loan amounts on a particular property has a knock-on effect to the overall portfolio.
BrokerSenses’ system can also preform a land registry search once a broker has input an address of a property.
Director Stuart Phillips says: “After many years of being a broker I understand the frustrations of trying to work out exactly what a client can borrow.
“This becomes much harder when it comes to BTL, especially if a client has a portfolio of properties.
“BrokerSense has been designed to answer this problem and take away one of the headaches that brokers face every day.
“I know that some brokers shy away from advising on BTL mortgages because of the complexity of working out affordability, so it is my hope that BrokerSense will also provide these brokers, with access to this market and a stream of new clients with it.
“Our aim has been to eliminate duplication and unnecessary administration work by bringing the type of technology used by robo-advice platforms and digital advisers to the traditional mortgage broker market, helping brokers to fight the rise of the robo-adviser.”