BrokerSense launches rental mortgage calculator …
The first such mortgage calculator in the UK was officially launched by BrokerSense, the provider of specialist mortgage calculators for brokers.
Designed by a broker for brokers, the calculator is an add-on to BrokerSense’s consumer mortgage calculator – which launched earlier this year – and has been developed to be as quick and easy to use as possible.
The new calculator will aim to provide maximum loan amounts in seconds, with more than 75 rental lenders. It also includes a specialized portfolio calculator to help brokers calculate loan amounts for clients with more than four rental properties.
It can be used for a rental property or for clients with an extensive portfolio.
However, brokers with clients with a portfolio of properties can easily import their clients’ portfolio spreadsheets, including monthly mortgage payment, loan amount, property value, and rental income.
In addition, the calculator will populate the portfolio on the BrokerSense system. This will then display a panel for each property with a rent slider to display:
- How many lenders will lend on this property
- How each property fits into the portfolio
- How will it affect the rest of the portfolio if the client were to increase the loan on a particular property, and therefore what someone can borrow on each property?
- How different rent increases affect the amount that can be borrowed for each property
If the first line of the address is included, BrokerSense will also perform a land registry search using APIs to extract this information in seconds.
Calculator results will be presented as a visual preview that brokers can print out or upload to their client CRM system with just one click.
Stuart Phillips, Director of BrokerSense, said: âAfter many years as a broker, I understand the frustrations of trying to figure out exactly what a client can borrow. It becomes much more difficult when it comes to buying to let, especially if a client has a portfolio of properties.
âBrokerSense was designed to address this problem and eliminate one of the headaches that brokers face every day. I know some brokers are reluctant to give advice on mortgages for rent due to the complexity of establishing affordability, so hopefully BrokerSense will also provide these brokers with access to this market and a flow of new customers with this. “
The provider also aims to “eliminate duplication and unnecessary administrative burden” by introducing the type of technology used by robo-advisory platforms and digital advisors in the traditional mortgage broker market.
Brokers can access the calculators at www.brokersense.co.uk.