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Landbay unveils upgraded BTL affordability calculator for landlords
12:03 AM, 3rd July 2023, 3 years ago
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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.
Tags:
btl affordability calculator for landlords, how much can a btl landlord borrow?, landbay, landbay btl products for landlords, UK Landlords
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Member Since January 2022 - Comments: 6
12:02 PM, 3rd July 2023, About 3 years ago
My Landbay mortgage product just fell through after 6 months of slow knit picking they asked for independent guarantors at the last minute- more £££, then wouldn’t extend the expiry date or give another offer without completely starting again from scratch. The rates go up and down as expected and the LTV was low but told the broker it’s their policy to re key the application, therefore re value, re check and underwrite, another guarantor form, another load of legal costs and another 6 months struggle I presume. The brokers chased them at every stage and their underwriter questioned everything, their solicitors were slow which lead to the offer expiring even though we gave them everything before that date. I will now pay in cash and leave them out of it, a lifetime landlord with 200 properties leaving their customer base ✅ so won’t need the calculator.
Member Since February 2020 - Comments: 3
2:27 PM, 3rd July 2023, About 3 years ago
Thanks for sharing your experience Shaun. At a similar stage with Landbay and I also feel that they are dragging the application. I don’t get why some lenders do this. If they don’t want the business they should be transparent from the beginning.