Mansfield Building Society launches online buy to let affordability calculator

09 December 2020

Mansfield Building Society has launched its online Buy to Let Calculator to help landlords and mortgage intermediaries check affordability against the Society’s rental income requirements quickly and easily online.

This latest innovation from The Mansfield makes it easy to calculate affordability against the Society’s extensive Buy to Let range including its Standard, Consumer, Family, Limited Company and Expat products.

Available via the Society’s website at mansfieldbs.co.uk/buy-to-let-calculator, the calculator will offer a simple Pass, Refer or Decline decision based on the loan amount, product pay rate and monthly rental income.

Where a Refer or Decline result is presented to the user, the tool will helpfully calculate the maximum loan available based on the rental income. In contrast, the tool will also calculate the minimum rental income necessary to support a particular loan size.

National Development Manager, Paul Lewis, said that the Buy to Let Calculator is the latest development in the Society’s quest to make it easy for mortgage brokers to access the information they need, quickly, without having to hunt for information on websites or in product guides:

“With the new online buy to let affordability calculator, brokers will be able to check rental income requirements for their clients based simply on the product pay rate and loan amount. This will help brokers provide prompt accurate advice across our Buy to Let range without the hassle of trawling through criteria guides and product rules to understand the calculation.

Furthermore, our calculator is flexible enough to accommodate our niche lending segments, so brokers across the Buy to Let sector can be confident when helping their clients make investment choices and assessing their borrowing needs.”