The new service, available free to Moneyfacts and Business Moneyfacts subscribers, means busy advisers can quickly work out the amount of rent needed to cover buy-to-let mortgage payments.
The Calculator complements a new buy-to-let Rent Ready Reckoner, which has been published in Business Moneyfacts as part of its popular Buy-to-let Bulletin. The simple table allows advisers to make a quick calculation to see if the potential rent payable on a client’s property will be enough to meet the lender’s criteria for a buy-to-let mortgage.
Business Moneyfacts’ Editor, Nikki Cann, said: “This simple tool means that an adviser will be able to calculate quickly the rent required by a lender for their buy-to-let mortgage. Their client then knows immediately the amount of rent the property needs to generate, and can work out if they need to increase the amount of deposit.”
Web Editor, Emma Butler, said: “The calculator available via eMoneyfacts will do all the sums for you. All an adviser needs to do is enter the amount the client needs to borrow and the interest rate the rent is calculated at – for convenience both are listed in Business Moneyfacts magazine - and the system will do the rest.”
To register for eMoneyfacts and to view a demo visit www.emoneyfacts.co.uk
