Monument has launched a digital buy-to-let loan calculator to allow mortgage intermediaries to check affordability levels 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 loan to value (LTV) bands.
The calculator works with Monument’s existing and future buy-to-let product range. The lender currently offers two- and five-year fixed rate products up to 75% LTV on lending below £1m with a £3m maximum loan size. There are no exit fees or early repayment charges on its five-year fixed rate product range after three years.
Conor McDermott, head of lending at Monument, commented: “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.
“Our online buy-to-let loan calculator is the perfect starting point in this process and offers advisers the ability to discover if clients meet our rental income requirements without having to search through swathes of documentation around criteria and lending policy.
“We hope this 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.”