Axessmax enhances broker buy-to-let tool with new fees calculator

After feedback from its broker users, Axessmax has enhanced its buy-to-let loan tool with new functionality which shows how fees affect the maximum loan amount offered by lenders.

Axessmax allows brokers to instantly compares maximum loan amounts from over 50 lenders.

Up to now it provided the maximum loan based on ICR calculation and LTV. Status of fees were not taken in to account. 

To improve its user functionality, the maximum loan is now segmented in to three groups, which allows brokers to compare maximum loan with and without fees, side-by-side between two and five-year rates.

Some lenders will allow fees to be added above the LTV limit and others not, but this usually needs to be within the default ICR affordability calculation and the criteria can also
differ with some lenders.

Taking these criteria in to account, the information is segmented in to three groups in the updated Axessmax calculator.

Maximum loan net of fees: This is the net loan the applicant receives. Those who wish can pay the fee in advance or potentially add it to the loan. 

Total loan with fees: This is the total loan available from the lender including any fees. It reflects the total loan based on ICR affordability. 

Maximum loan without fees: Is a combination of ICR affordability and LTV, which requires applicant to pay the fees separately. This is the maximum loan available from the lender.

The Axessmax tool displays loan limits, associated rates, fees, and monthly payment amounts simultaneously. Brokers can filter lenders based on fee structures, property type, client type, and more.

In addition, reverse rent calculation allows users to determine the rental income required to support a specific loan, making it ideal for investors seeking to release equity from existing properties.

Discussing the latest update, a spokesperson from Axessmax commented: "By providing a detailed breakdown of loan data for comparison between buy-to-let loans, we hope it will enhance a broker’s advisory proposition when dealing with clients.

"From an investor’s point of view, various option can offer different advantages. Maximum borrowing levels allow retaining liquidity for other property projects compared to having higher cash flow from rental income. Remember, that the product fee can be included in the pool of finance costs eligible for the 20% tax credit. Currently there are no tools available to a broker or an investor to dive deep in to numbers related to buy-to-let mortgages.

"We hope this significant update in functionality will add further to the usability of the tool."