"Some brokers shy away from advising on buy-to-let mortgages because of the complexity of working out affordability"
The new calculator will provide maximum lending amounts from over 75 buy-to-let lenders and also includes a specialist portfolio calculator to help brokers calculate borrowing amounts for clients with more than four rental properties.
The calculator will then show how many lenders will lend on that property and how it will affect the rest of the portfolio if the client were to increase the loan on a particular property, and therefore what someone can borrow against each property.
If the first line of the address is included, then BrokerSense will also perform a land registry search using APIs.
Results from the BrokerSense calculator will be presented as a visual overview which brokers can print off or transfer into their client CRM system.
The buy-to-let calculator is a complementary service to its mainstream mortgage calculator which launched at the beginning of this year.
Stuart Phillips, director of BrokerSense, said: “After many years of being a broker I understand the frustrations of trying to work out exactly what a client can borrow. This becomes much harder when it comes to buy-to-let, especially if a client has a portfolio of properties.
“BrokerSense has been designed to answer this problem and take away one of the headaches that brokers face every day. I know that some brokers shy away from advising on buy-to-let mortgages because of the complexity of working out affordability, so it is my hope that BrokerSense will also provide these brokers, with access to this market and a stream of new clients with it.
“Our aim has been to eliminate duplication and unnecessary administration work by bringing the type of technology used by robo-advice platforms and digital advisers to the traditional mortgage broker market, helping brokers to fight the rise of the robo-adviser.”
