Buy-to-let broker Property Master has launched a mortgage calculator that uses artificial intelligence to potentially show landlords how they can save money on a new mortgage deal.
Property Master’s calculator analyses what’s available based on the property value, rental income and purpose of the mortgage.
Angus Stewart, chief executive, Property Master, said: “This new calculator really is a game changer for landlords looking for a mortgage.
“Essentially, its use of artificial intelligence enables landlords to play the system and navigate the ever-complex lending and affordability criteria found in the buy-to-let mortgage market.
“Unlike other website calculators that just use a simple formula the Property Master calculator actually performs a full whole of market product search and uses real affordability rules from each lender.”
The calculator asks the user whether they are seeking to borrow a specific amount (expressed in £’s or as an LTV%) or whether they wish to find the maximum amount they can borrow.
It matches this data against every product from every lender in the buy-to-let mortgage market.
It will then display the best deal, but it will also flag how an even better deal can be found by making a minor reduction to the amount the landlord wishes to borrow.
By, for example, borrowing just a few thousand less a landlord can find they unlock access to a mortgage that will save them hundreds of pounds a month and thousands of pounds over the life of the mortgage.
The Property Master calculator displays its search results as two tables – one showing the best two-year initial fixed rate results and the other showing the best five-year initial fixed rate results.
For each table, the calculator shows the amount that can be borrowed according to whether the mortgage is to be with a limited company or as an individual and if as an individual it is then broken down according to their income tax bands.
Where a better deal is possible the Optimise button flashes green and shows the landlord how a better deal can be accessed, by making a minor reduction to the amount being borrowed.
The Property Master calculator works on both a mobile and PC.
