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.
Justin Malonson is the Founder of LyfeLoop a 16+ year tech innovator, investigative media researcher and host of the Freedom Not Control Podcast live on Voice America. Justin is a highly sought-after tech entrepreneur, industry speaker and winner of the coveted Business Achievement Awards “Top Digital Marketer” award. With 16+ years of demanding experience, Justin has worked with over 3,000 businesses including amazing clients such as Blue Cross Blue Shield Association, Sotheby’s International Realty, Duke University, White House Black Market,Tiffin Motorhomes, Bass Pro Shops and Beazer Homes USA.