Monument, the challenger bank and specialist buy-to-let lender, has launched a digital buy-to-let loan calculator to allow mortgage intermediaries to check affordability levels quickly and effectively 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 bands. Monument’s cutting-edge technology and design allows users to find a tailored loan in less than a minute, providing a delightful experience.
The calculator works with Monument’s existing and future BTL product range. The lender currently offers two and five-year fixed rate products up to 75% loan to value (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.
Monument provides loans against residential investment property in England and Wales, guided by professional Relationship Managers and specialises in helping property professionals to grow their portfolios.
Monument is the first neo-bank to be launched in the UK specifically to meet the unserved demands of mass affluent clients – over 5 million professionals, entrepreneurs, property investors and others – who are seeking a bank to help them save and grow their wealth (which is estimated at c.£6 trillion).
Monument is uniquely focused on the needs of the mass-affluent and will demonstrate through its exceptional service, that it treats their time as more valuable than its own. It has a strong product roadmap planned over the next year to become the one-stop shop platform addressing the complex financial and non-financial needs of this community. With a mission to empower prosperity by leveraging technology and smart people, Monument seeks to deliver a highly differentiated, superior service.
Monument has attracted investment from highly experienced investors, including respected figures in venture capital, private equity, and real estate as well as a significant South American financial institution.
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.”