Residential updates

  • The Helping Hand mortgage from Vida Homeloans has been designed
    to allow parents to join their child on the mortgage
  • New Free Valuation available on Fee Saver residential mortgage range

BTL updates

  • Reduced 5-year fixed buy-to-let rates
  • 1% fee for BTL mortgages for smaller loans

LENDING CRITERIA

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The Helping Hand proposition will allow parents or step parents to support their children in purchasing or remortgaging a property, being party to the mortgage and having their income taken into account as part of the affordability assessment without the need to go onto the title deeds.

The following criteria applies:

  • This is available for First time buyers or home movers & remortgages across the residential PLUS range & Fee Saver PLUS, including 90% LTV for FTB’s
  • Up to 4 applicants. The supporting borrower(s) must be the parent(s) of one of the owner-occupiers. The child’s partner can also be on the mortgage and reside in the property
  • The parent(s) must take and evidence Independent Legal advice before completion
  • No guarantee will be taken in form of a second charge or ringfenced savings deposit
  • Only borrowers named on the title deeds will occupy the property as their main residence. Parent(s) will live elsewhere.
  • All applicants will be jointly & severally liable and responsible for the loan
  • Owner Occupiers must be the main applicants, so add their names first when applying
  • Allowable up to a 40-year term, and parents can go up to a maximum age of 80 years at the end of the term
  • Can be combined with a wide range of Vida criteria, including gifted deposits, new build, lending into retirement, self-employed, interest only, and credit blips
  • The monthly direct debit will come from one account in the name of one of the owner occupiers
  • Purchase at undervalue is not accepted, including Right to Buy
  • Click here for link to Helping Hand Broker Guide

Note: Helping Hand is also known as Joint Borrower Sole Proprietor (JBSP)