Vida Homeloans has unveiled a series of changes to its mortgage range aimed at widening access to borrowing and improving affordability for customers who often struggle to secure mainstream finance.

The lender is now offering loans of up to seven times income for higher earners, cutting income thresholds for those seeking larger loan-to-income multiples, introducing a 95% loan-to-value (LTV) product for borrowers with adverse credit, and reducing rates across both residential and buy-to-let ranges.

Applicants earning at least £60,000 a year can now borrow up to 7x loan-to-income (LTI), up to 90% LTV.

Meanwhile, the minimum income requirement for those seeking to borrow at 4.5x LTI and above has been lowered from £60,000 to £40,000, with borrowing capped at six times income.

Vida has also moved into the higher-LTV segment of the specialist market by launching 95% LTV mortgages within its Vida 6 Credit Tier, aimed at customers with recent adverse credit.

The lender said the new product was designed to give those rebuilding their financial profile a pathway towards homeownership.

RATE REDUCTIONS

Alongside these criteria changes, Vida has announced rate cuts of up to 0.65% on residential mortgages and up to 0.59% on buy-to-let loans.

Ross Williams, head of product management at Vida Homeloans, said: “These enhancements are always more than just product updates — they’re a reflection of our purpose.

“At Vida, we believe everyone deserves the opportunity to find a place to call home. By expanding our criteria and introducing new solutions, we’re making that belief a reality for more people every day.”

Sophie Waugh, mortgage technical manager at John Charcol, added: “Vida’s latest changes are a game-changer for customers who’ve traditionally found it hard to access the mortgage market.

“The increased LTI limits and reduced income thresholds mean more people — especially those early in their careers or recovering from financial setbacks — can now take real steps toward homeownership.

“As a broker, it’s incredibly rewarding to be able to offer solutions that genuinely reflect the realities of our clients’ lives.”