Vida Homeloans has launched a new range of residential mortgage products at 97% loan to value (LTV).

The new deals, called ‘3 & Easy’, are designed to assist long-term renters and first-time buyers to get a foot on the property ladder and start to move up the chain.

The whole 3 & Easy range is available with Vida’a flexible criteria and to those with an adverse credit history, complex or second job income and the self-employed & contractors.

In addition, there is also a potential loan term of up to 45 years.

The range includes five and seven-year fixed rate products.

Helen Cawthra (pictured), head of intermediary relationships at Vida, said: “The 3 & Easy range can be game-changing for so many people. From those who feel trapped in rented accommodation to prospective first-time buyers still living with parents.

“They now have an option to buy their home sooner, with a smaller deposit of 3%. The products are also ideal for those young families looking to move on in life to a larger property to better suit their needs, without the need for a large deposit or savings.”

Vida has improved the procuration fees paid to intermediary partners. Networks and clubs will now receive 0.70% for new business, packagers will receive 1.10% and for any product transfers, brokers will receive 0.40%.

Cawthra added: “As a specialist mortgage lender, we understand that cases can be more complex and time-consuming for brokers. So, we always aim to recognise this additional time and effort in the proc fees that we pay.”