The research tool includes a buy-to-let affordability and MBT criteria search.
The MBT Affordability calculator can be used to find out how much landlord clients can borrow from a panel of over 65 buy-to-let lenders, based on affordability and criteria.
The software research tools also offer access to the affordability calculators of more than 40 residential lenders.
Mortgage Broker Tools launched MBT Affordability in early 2019 and said the platform has already surpassed 10m searches.
Buy-to-let complexity
Affordability calculators in investment borrowing can offer clarity in a complex market, offering calculations for limited companies and investors buying in their own name based on both the interest coverage ratio (ICR) of the property and top slicing.
Ying Tan, founder and chief executive at Dynamo for Intermediaries, said: “Affordability is important to buy-to-let landlords as many are keen to get the most from their capital by maximising their leverage.”
He added that calculations are not as straightforward as they used to be, with many lenders taking different approaches to stress testing and personal income.
“This is where a platform like MBT Affordability can help. With access to more than 65 buy-to-let lenders from one simple calculator, brokers can identify the most appropriate route for their landlord clients within minutes.”
Tanya Toumadj, CEO at Mortgage Broker Tools, (pictured) said: “Our research has found that the choice of lender for a buy-to-let client can make a huge difference to the size of loan they are able to access, so it’s really important for brokers to carry out affordability research to make sure their clients aren’t missing out.”
Affordability tools can be harnessed on complex cases involving joint applicants, PAYE income, company directors, IT contractors, other loans and credit commitments or properties in the background.
