Vida Homeloans has cut its two-year tracker, two-year fixed and five-year fixed rates on buy-to-let products by up to 0.60 percentage points.

It has also cut the revert rates across its buy-to-let product range.

The lender’s two-year tracker rates now start at 3.24%, two-year fixed rates at 3.34% and five-year fixed rates at 3.89%. These rates apply to all individual, limited company and HMO applications.

Vida’s buy-to-let rental cover requirements are as follows:

• Basic rate UK tax payers 125% cover with top up from 115%
• Higher rate UK tax payers 140% cover with top up from 120%
• Trading limited companies/SPV/LLP 125% cover with top up from 115%
• HMOs from 130% cover

Louisa Sedgwick, director of sales for mortgages, said: “We have quickly established ourselves as a lender with an appetite for specialist residential and buy-to-let business, and these changes should ensure that we remain very competitive in this important segment of the buy-to-let market.

“We already had some great criteria in areas such as limited companies and SPVs, flats above commercial premises and HMOs up to eight bedrooms. Now we have even more competitive pricing too.”