Vida Homeloans is pleased to announce an overhaul of its Residential & Buy to Let product range with effect from Thursday 24th January – the biggest change since launching into the intermediary market in October 2016.
These changes consist of rates being reduced on a number of its products by up to 0.35% on Residential and 0.50% on Buy to Let, along with improvements to its lending criteria and service proposition
Residential products
- Rates start from 2.94% for 2 Year Fixed and 3.54% for 5 year fixed.
- Vida will now lend up to 90% LTV for home movers with loans up to £400,000.
- Debt consolidation has increased from 70% to 75% LTV across all tiers.
- The minimum property value for Ex Local Authority Flats outside of Greater London has reduced from £125,000 to £80,000.
- Vida’s Helping Hand proposition will now also allow children to assist parents to purchase a property or remortgage.
Buy to let products
- Rates start from 3.14% for 2 Year Fixed and 3.59% for 5 year fixed.
- A new 85% LTV option has been added for loans up to £250,000 subject to the property being outside the M25.
- EXPATS:
- Where a BTL applicant is resident in a non-EEA country the maximum LTV has been increased from 65% to 75% LTV.
- Vida will now lend to SPVs where a Director or shareholder is resident overseas.
- The number of properties per BTL borrower has increased from 15 to 20, and the total number of properties a borrower holds has also increased from 50 to 100.
- The minimum property value for Ex Local Authority Flats outside of Greater London has reduced from £125k to £80k.
For full details on our biggest ever relaunch, visit our relaunch page.
