A new mortgage calculator could help buy to let mortgage holders calculate how much rent they need from tenants in order to cover their buy to let mortgage repayments .
Property website Moneyfacts provides the free mortgage calculator that helps buy to let landlords and potential buy to let landlords calculate whether the rental figure on a specific property will provide enough revenue to meet the criteria set by a mortgage lender .
The mortgage calculator is hoped to be of specific use to financial advisors, as it would allow them to quickly calculate the required rent and whether a bigger deposit is needed from the buy to let mortgage holder.
Assessment of borrower affordability can be based on projected rental income and/or earnings dependent on the mortgage lender's individual policy.
Emma Butler, web editor at Moneyfacts, said: "The calculator available via eMoneyfacts will do all the sums for you."
Buy to let mortgages are provided for property purchase for investment in the private rental sector. They are assessed as though they are ones for residential occupation.
Moneyfacts is an independent financial website where users can compare different buy to let mortgage deals in order to get the best value.
New buy to let mortgage calculator calculates rent
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New buy to let mortgage calculator calculates rent
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