Mansfield Building Society has launched an online buy-to-let affordability calculator.
The calculator is designed to help landlords and mortgage intermediaries check affordability against the society’s rental income requirements.
According to the lender, the innovation makes it easy to calculate affordability against the society’s BTL range including its standard, consumer, family, limited company and expat products.
It is available via the building society’s website and the calculator will offer a simple 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 tool will calculate the maximum loan available based on the rental income.
The tool will also calculate the minimum rental income necessary to support a particular loan size.
Paul Lewis, national development manager at Mansfield Building Society, said: “With the new online buy to let affordability calculator, brokers will be able to check rental income requirements for their clients based simply on the product pay rate and loan amount.
“This will help brokers provide prompt accurate advice across our buy-to-let 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 buy-to-let sector can be confident when helping their clients make investment choices and assessing their borrowing needs.”