Mansfield Building Society has launched an online buy-to-let (BTL) calculator to help landlords and mortgage intermediaries check affordability against the society’s rental income requirements.
Intermediaries will be able to calculate affordability against the society’s BTL range, with the calculator offering a pass, refer or decline decision based on the loan amount, product pay rate and monthly rental income.
Where a refer or decline result is presented to the user, the Mansfield said its tool will calculate the maximum loan available based on the rental income. In contrast, the society said its tool will also calculate the minimum rental income necessary to support a particular loan size.
“With the new online BTL affordability calculator, brokers will be able to check rental income requirements for their clients based simply on the product pay rate and loan amount,” commented national development manager, Paul Lewis.
“This will help brokers provide prompt accurate advice across our BTL range without the hassle of trawling through criteria guides and product rules to understand the calculation.
“Furthermore, our calculator is flexible enough to accommodate our niche lending segments, so brokers across the BTL sector can be confident when helping their clients make investment choices and assessing their borrowing needs.”
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