Vida Homeloans announces an overhaul of its product range, the biggest change since launching into the market in October 2016, which consist of a number of criteria improvements to its Residential and Buy to Let (BTL) product ranges, along with service enhancements and pricing reductions.

In addition to these criteria and pricing changes, Vida has also made various service enhancements for brokers. A new option called ‘Application Refer’ has been introduced which, if triggered, means an underwriter will review the case before the broker has to pay any fees. Vida will also now let brokers know what mandatory documents are needed to support an application to ensure a more informed decision is given upfront.

Residential products

 

  1. HELPING HAND: We now allow children to assist parents purchasing a property;
  2. UP TO 90% LTV: Full gifted deposits accepted. Any scheme, now available to both home movers and first time buyers restrictions with no additional fees;
  3. DEBT CONSOLIDATION: Maximum LTV for debt consolidation increased from 70% to 75% across all tiers;
  4. RATES: Initial rates cut by up to 0.35%. Revert rates have been cut by between 0.10% and 0.20%.

Louisa Sedgwick, Director of Sales, Mortgages at Vida Homeloans, comments: “This is our biggest product update since our launch into the market in October 2016, and we hope that this move demonstrates our commitment to delivering the best possible solutions for brokers and their customers.”

 

Buy to let products

 

  1. 85% LTV: Maximum LTV Increased from 80% to 85%, subject to a maximum loan size of £250k;
  2. EXPAT BTL: Maximum LTV for BTL applicants who are resident in a non-EEA country rising from 65% to 75%. Vida will also lend to SPVs registered in England, Wales & Scotland where one or more Directors are based overseas as an Expat;
  3. PORTFOLIOS: Maximum number of properties per BTL borrower has increased to 20, and the maximum number of properties a borrower can hold in their total portfolio is now 100;
  4. RATES: Majority of rates have been reduced, some by up to 0.50%. The 2-year fixed rate starts at 3.14%, and 5-years starts at 3.59%.