It allows mortgage intermediaries to quickly check affordability levels
Challenger bank and specialist buy-to-let lender Monument has launched a digital buy-to-let loan calculator to allow mortgage intermediaries to check affordability levels quickly and effectively against the bank’s rental income requirements.
The online calculator allows intermediaries to calculate the maximum borrowing amount, monthly repayments, and see the different rates available based on LTV bands.
Monument’s cutting-edge technology and design allows users to find a tailored loan in less than a minute, providing a pleasant experience.
The calculator works with Monument’s existing and future BTL product range. The lender currently offers two and five-year fixed rate products up to 75% loan to value (LTV) on lending below £1 million with a £3 million maximum loan size. There are no exit fees or early repayment charges on its five-year fixed rate product range after three years.
Monument provides loans against residential investment properties in England and Wales, guided by professional relationship managers and specialises in helping property professionals to grow their portfolios.
Monument is the first neo-bank to be launched in the UK, specifically to meet the unserved demands of mass affluent clients – over five million professionals, entrepreneurs, property investors and others – who are seeking a bank to help them save and grow their wealth.
Read more: Green light given for Monument bank launch.
Monument has attracted investment from highly experienced investors, including respected figures in venture capital, private equity, and real estate, as well as a significant South American financial institution.
“As a lender, we appreciate just how important time is for advisers and our ongoing aim is to ensure that we inform our intermediary partners as quickly and effectively as possible if their clients meet our affordability and eligibility requirements,” Conor McDermott (pictured), head of lending at Monument, said.
“We hope our online buy-to-let loan calculator will prove useful and we look forward to engaging further with the intermediary community in the coming months and extending our proposition to meet a variety of landlords’ ever-shifting needs.”
