Landbay unveils upgraded BTL affordability calculator for landlords

The lender Landbay has unveiled its upgraded buy-to-let affordability calculator, complete with a new comparison feature.

Its innovative tool is designed to simplify the process of comparing the different financial products offered by the company.

The calculator offers a user-friendly platform for landlords and intermediaries to evaluate various scenarios related to product selection and pricing.

It also provides detailed insights into potential borrowing amounts and the rent prices needed to cover costs.

‘Affordability calculator is a really useful tool for brokers and landlords’

The managing director of intermediaries at Landbay, Paul Brett, said: “Our affordability calculator is a really useful tool for brokers and landlords to compare the different buy-to-let mortgage products we offer.

“It is especially beneficial when comparing variable interest rate and fee structures, as it instantly illustrates the most affordable and suitable products available.

“For example, a lower rate and higher fee means more money can be borrowed and you can see the differences at a glance.”

He added: “The calculator can be used for both house purchase and remortgaging and incorporates the Interest Rate Cover Ratio for stress testing.”

How much the landlord wants to borrow

The tool’s search filters allow users to quickly locate the BTL products by entering specific details about the property price and how much the landlord wants to borrow.

The calculator then displays key metrics such as the Interest Cover Ratio, potential borrowing amounts and any associated fees.

Landbay’s offering also allows users to input the property price and expected monthly rental income.

Based on these figures, the calculator will display the maximum possible borrowing amount – useful for landlords wanting to understand their borrowing limits based on projected rental earnings.

The firm’s BTL affordability calculator can be found on its website.