Mortgage Broker Tools has launched BTL Affordability, an enhancement to MBT Affordability that enables brokers to research how much their landlord clients can borrow, based on the interest cover ratio (ICR) of a property and their own income.
BTL Affordability provides brokers with more complete coverage of the market with one calculator, which gives eligibility calculations based on the affordability calculators and criteria of 65 buy-to-let (BTL) lenders.
Brokers can carry out research for landlords buying as a limited company or in their own name and the results presented by BTL Affordability show how much an investor can borrow based on both the ICR of the property and whether they want to include top-slicing from their personal income.
BTL Affordability also keeps a record of all cases and affordability results, to provide an automatic compliance audit trail that demonstrates the best affordability research.
The tool is available standalone or as a bundle with the MBT Affordability Residential calculator; Mortgage Broker Tools has offered a month’s free trial of the BTL platform.
Tanya Toumadj (pictured), CEO at Mortgage Broker Tools, said: “Buy-to-let still accounts for nearly 15% of all lending and demand is likely to be particularly high in the coming months as landlords take advantage of the temporary reduction in stamp duty.
“However, affordability calculations are no longer straightforward.
“It’s often the case that required rental calculations don’t deliver landlords the leverage they want, and an increasing number of lenders provide the opportunity to supplement the ICR with their own income, with products that allow top-slicing.
“Then there are the considerations as to whether a client is borrowing as a limited company or in their own name.
“Until now, there has been no easy way for brokers to research how much their landlord clients could borrow across a number of lenders, but BTL Affordability changes the game.
“It helps brokers to work smarter, deliver better outcomes for their clients and demonstrate a clearer audit trail.
“There are no long contracts and no set-up costs – just simple, straightforward pricing to access this ground-breaking platform that provides brokers with more opportunity to find the right deal for their client, in less time.”