A mortgage broker has developed a buy-to-let (BTL) mortgage calculator that provides instant loan calculations.
Leel De Silva, BTL mortgage broker and development manager at Axessmax, said he decided to create the tool because it is not currently easy to get instant and detailed loan results from existing sourcing systems.
The Axessmax tool shows how much a client will be able to borrow on a BTL mortgage from more than 50 lenders, along with rates, fees and monthly payment projections.
He learned how to program over four years to develop the tool, with the help of artificial intelligence (AI) tools such as Google Gemini and Chat GPT.
The tool is updated daily using information from sourcing systems and lender literature, with De Silva adding that this was not a difficult task to keep on top of as not every lender changes rates daily.
The calculator is available to brokers for £8 per month, with an initial free one-month trial.
Mind over mortgages: why we need to look after intermediaries’ mental health
Sponsored by Halifax Intermediaries
He said current sourcing systems were unreliable and not always accurate. In some cases, the information returned by existing platforms is limited by the number of lenders linked to the system or requires a broker to submit the client’s full details before seeing the options.
Axessmax tool can deliver mortgage options without the full information, with tools to suit both BTL specialists and those who are less familiar with the sector.
The calculator can also be used to obtain the interest coverage ratio (ICR) and stress rate for each lender, allowing brokers to calculate loan amounts.
De Silva said the tool can be useful for Consumer Duty purposes as the options are not limited to select lenders, but to the whole of the market.
It can also show the rental income needed for a specific loan amount and filters lenders based on features such as the property and client type or fees.
De Silva said: “For face-to-face client interactions, our new calculator is a game-changer for BTL brokers; a comprehensive tool that will eliminate the usual delays and frustrations that brokers face with current tools.
“They can focus on what they do best – advising clients on the best loan options and driving successful mortgage completions.”
