LENDING CRITERIA

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At least one customer must be either employed, self-employed, or in receipt of an occupational pension. If using two incomes for affordability assessment, at least one of the customer’s will need to be employed, self-employed or in receipt of an occupational pension.

The maximum loan to value allowable is 75% LTV (plus fees).

A suitable repayment strategy needs to be in place to fully repay the outstanding mortgage balance at the end of the term. The following are acceptable repayment strategies:

  • Cash ISA or other savings
  • Stocks, Shares, ISA or other liquid investment
  • Endowment policy
  • Pension (Personal, Executive or Employed pension plan)
  • Sale of another mortgaged property. Up to 100% of the current available equity can be used.
  • Sale of the customer's main residence (downsizing) - customers are expected to have a minimum amount of equity remaining in the property at the end of the mortgage term in order to repay the mortgage debt and also feasibly purchase another property (Limited to 70% LTV and Max age: 80):
  • £150,000 equity required at the start of the mortgage for securities located in the rest of the UK
  • £200,000 equity required at the start of the mortgage for all securities located within London and the South East of England

Recent updates to Vida Criteria

100% Debt Consolidation now available on residential products up to 70% LTV
Up to three unsecured missed payments allowed in the last 6 months
Maximum BTL loan increased to £1.5m