Vida Homeloans Launches New Online BTL Calculator and Lending Criteria Search Tool for Brokers

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Vida Homeloans, the specialist mortgage lender for intermediaries, has today announced the launch of its new online Buy to Let Affordability Calculator designed to help intermediaries find the right solution for BTL customers who may not fit the criteria currently demanded by high street lenders. The calculator (www.vidahomeloans.co.uk/intermediaries/calculators/btl-affordability) has been developed after extensive research with Vida’s intermediary partners and is the next step in Vida’s development plan, designed to support intermediaries with the very best technology available in the mortgage market. It follows on from the successful launch of Vida’s maximum loan calculator for Residential loans in March, which has so far been used for over 14,000 calculations.

At the same time, following feedback from intermediaries about how important lending criteria is in the selection of the right customer outcome in the specialist sector, Vida has developed an online tool that allows brokers to check its lending criteria at a detailed level using a simple keyword search. The online search tool (www.vidahomeloans.co.uk/intermediaries/lendingcriteria) allows brokers to define whether they are looking for Vida’s Residential or BTL criteria and then to enter the first few letters of a search term to quickly bring up ‘best fit’ answers.

Ying Tan, Managing Director of The Buy to Let Club, comments:

“Vida has built a very complex and sophisticated BTL affordability calculator, one of the best available from a UK mortgage lender. This calculator not only works out the maximum loan that Vida will consider lending to customers based on the rental income achieved from the property, but it also provides an alternative solution where it will calculate what rental income is required, based on the requested loan amount.”

Guy Batchelor, Sales & Marketing Director, Vida Homeloans adds

“The new BTL calculator and online lending criteria search tool are the latest examples of designing our technology around market needs. I'm sure you will agree that these two new initiatives not only provide a better online experience for our intermediaries but also help to deliver a great customer outcome.”