Vida has made a number of changes to its criteria to broaden its product offering.
The specialist lender has launched a new mortgage product designed specifically for Key Workers which will allow them to apply for a mortgage up to five and a half times their total income with a maximum LTV of up to 90%.
Only one applicant needs to be a Key Worker and there is a discount on the product’s initial rate compared to the standard range.
90% LTV mortgages have been relaunched and are available on all residential houses and flats including new builds.
In addition, Vida has included a residential Fee Saver range to provide additional help with the costs associated with the homebuying process. The Fee Saver range is available for mortgages up to 90% LTV with a five-year fixed product. The range provides a free valuation on all properties up to £500,000, no product fee and a £250 contribution towards legal fees meaning that buyers can put more money aside for a deposit, or for those essential early expenses following the purchase.
Vida’s Help to Buy mortgage rangers is now available across all lending tiers, providing applicants who may have encountered challenges with their credit file the chance to utilise the government’s Shared Equity Scheme to buy their first property.
Buy-to-let loans are now available up to 85% LTV for both personal and special purpose vehicles (SPV) purchasers, enabling them to grow a portfolio by requiring smaller deposits for each property. There is no minimum income on buy-to-let mortgages if the property is self-funding and the range also includes a buy-to-let Fee Saver option on its fie-year products, offering a free valuation on all properties up to £1m, a reduced product fee of £1,495 and a £250 contribution towards legal fees paid on completion
Richard Tugwell, director of mortgage distribution at Vida, said: “As a lending specialist, Vida is now a forward looking and nimble business, and our aim is to ensure we consistently deliver a first-class intermediary experience and provide a great range of product options for broker’s clients.
“We continually look to evolve the products that we offer them and these most recent criteria changes are the most radical in our seven-year history. They take account of the fast moving pace of the mortgage sector and we are confident that these will provide great solutions to borrowers who are cut out of traditional mainstream lending.”
