BrokerSense launches buy-to-let mortgage calculator
BrokerSense, the provider of specialist mortgage calculators for brokers, has launched a buy-to-let mortgage calculator.
The calculator will provide maximum lending amounts, in seconds, from over 75 buy-to-let lenders. It also includes a specialist portfolio calculator to help brokers calculate borrowing amounts for clients with more than four rental properties.
Stuart Phillips, director of BrokerSense, said: “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 buy-to-let, 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 buy-to-let 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.”
It can be used for one buy-to-let property or for clients with an extensive portfolio. Brokers with clients with a portfolio of properties can import their clients’ portfolio spreadsheets, including monthly mortgage payment, borrowing amount, property value and rental income.
The buy-to-let calculator will populate the portfolio onto the BrokerSense system. This will then display a panel for each property with a rent slider to show how many lenders will lend on that property and how each property fits within the portfolio.
It shows how it will affect the rest of the portfolio if the client were to increase the loan on a particular property, and therefore what someone can borrow against each property.
The calculator also shows how different increases in rent affect the amount that can be borrowed against each property.
If the first line of the address is included, then BrokerSense will also perform a Land Registry search using APIs to pull in this information in seconds.
Results from the BrokerSense calculator will be presented as a visual overview which brokers can print off or transfer into their client CRM system with just one click.
BrokerSense did a soft launch in January of this year with its mainstream affordability calculator. It said that broker feedback has been positive.
Stefan Cork from MAB added: “BrokerSense is a great tool to provide me with a quick and accurate overview of many lenders’ affordability calculators. As a busy adviser this makes my life simpler and saves me valuable time that I can use to offer my clients the best possible service. I love it.”
BrokerSense costs £10 per month for the buy-to-let or the mainstream mortgage calculator, or £15 per month for the two. This allows unlimited calculations.