Landbay upgrades its buy-to-let calculator with new compare function

The specialist buy-to-let lender said that intermediaries and landlords can use the calculator to look into different scenarios on its products. It will also allow its users to price and work out how much can be borrowed and the rent price that needs to be charged. The calculator works by having search filters find the necessary products.

After that, users can simply tick the compare button on each of the products that has piqued their interest.

At that point, users enter the information about the price of the property and amount that is needed, then the product will display the interest cover ratio, the amount that can be borrowed plus the fees.

On the other hand, those using the calculator can enter the anticipated monthly rental charge and the property price, where the results will show the maximum amount that can be borrowed.

Calculator ‘a useful tool’

Paul Brett (pictured), managing director, intermediaries at Landbay, commented: “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.”

He continued: “For example, a lower rate and higher fee means more money can be borrowed and you can see the differences at a glance. The calculator can be used for both house purchase and remortgaging and incorporates the Interest Rate Cover Ratio for stress testing.

“That’s really useful for comparing two-year and five-year fixed rates such as our new like-for-like remortgage two-year deals which are stress tested at pay rate plus just 1%, instead of 2%. Five-year fixes are stressed at pay rate only.”

A busy month for Landbay

Landbay has been busy in the past month. Just two days ago, Mortgage Solutions reported that the company had dropped the interest rates on its two-year tracker buy-to-let mortgages; short before that, this publication interviewed Landbay’s regional account manager Alex Witham; and last week, we reported that the specialist buy-to-let lender had been added to the panel of the Richdale network.