Precise Mortgages launches buy-to-let calculator

While a number of lenders have increased their income coverage ratio (ICR) to 145% Precise will decide the ratio on a bespoke basis by taking customers’ individual circumstances into consideration.

Precise Mortgages launches buy-to-let calculator

Precise Mortgages has launched a buy-to-let calculator allowing brokers to see how much their clients can borrow.

While a number of lenders have increased their income coverage ratio (ICR) to 145% Precise will decide the ratio on a bespoke basis by taking customers’ individual circumstances into consideration, for example whether borrowers are a higher or basic rate taxpayer.

Alan Cleary, managing director for Precise Mortgages, said: “Our buy-to-let calculator allows mortgage intermediaries to know how much their clients could borrow from us before they start the application process.

“They will also be able to compare and contrast different ways of setting cases up in order to achieve the best outcome.

“The calculator is similar to the one used by our underwriters to assess cases so it will save intermediaries and us time and effort. We believe that in the majority of cases a bespoke ICR will be superior.”