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FLEXIBLE
LENDING CRITERIA
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Recent updates

As the impact of COVID-19 continues across the UK, we understand the uncertainty it causes for many people. Please read this supplementary guide for some additional information we may require in the current circumstances.

We’ve answered the questions we have already been asked by intermediaries but if your question isn’t there – or our answer to your question results in another one – please get in touch and we will be very happy to help. The good news is that, despite the significant change in the economic environment, Vida has kept virtually all of its flexible lending criteria and is still committed to lending to customers who are under-served by mainstream lenders.

Let’s work together to help your customers respond to the financial complexity that we all face right now.

Self-employment has increased significantly since 2008 - now up to around 5 million of the UK workforce. But this growing population is finding it more and more difficult to get a mortgage because of irregular income patterns, especially during 2020.

As a classic specialist segment and fast growing sector, this is only likely to be boosted further by a pandemic that enables people to re-evaluate their options.

Specialist lenders like Vida assess each individual on their own merits using experienced underwriters rather than the ‘computer says no’ approach often associated with mainstream lenders.

Zero Hours Contracts

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this needs to be referred and may be acceptable by exception subject to at least I year's track record and suitable evidence of earnings. Top slicing not currently accepted where a FTB or self employed.

Zero Hours Contracts

Zero Hours contracts are acceptable by exception subject to at least I year's track record and suitable evidence of earnings.

Working Tax Credits

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. Top slicing not currently available for FTB or self employed.

Working Tax Credits

50% of Working Tax Credit is accepted (not as main source of income) but assessed on individual basis.

Wimpey No Fines / Laing Easi Form pre-1945 - Non Standard Construction

Not Acceptable

Wimpey No Fines / Laing Easi Form pre-1945 - Non Standard Construction

Not Acceptable

Wimpey No Fines / Laing Easi Form post 1945 - Non Standard Construction

Wimpey No-Fines houses accepted if constructed after 1946. Laing Easiform house accepted if constructed after 1966.

Wimpey No Fines / Laing Easi Form - Non Standard Construction

Wimpey No-Fines houses accepted if constructed after 1946. Laing Easiform house accepted if constructed after 1966.

Wimpey No Fines / Laing Easi Form - Non Standard Construction

Wimpey No-Fines houses accepted if constructed after 1946. Laing Easiform house accepted if constructed after 1966.

Widow's Pension

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this is acceptable at 100%. Top slicing not currently accepted where a FTB or self employed.

Widow's Pension

Accepted at 100%

Widowed Parent Allowance

Not acceptable

Widowed Parent Allowance

Not acceptable

War Widow(ers) Pension

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this is acceptable at 100%. Top slicing not currently accepted where a FTB or self employed.

War Widow(ers) Pension

Accepted at 100%

Voluntary Right to Buy (Housing Association Tenants)

Vida does not currently accept Voluntary Right to Buy

Vested Share Income

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. Top slicing not currently accepted where a FTB or self employed.

Vested Share Income

Not acceptable

Vendor Gifted Deposit

Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder, confirming monetary value.

Vendor Gifted Deposit

Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder, confirming monetary value.

Valuers / Valuation Company

Esurv

Valuers / Valuation Company

Esurv

Valuation Type / Definition / Criteria

Yes, eSurv will always make a full internal inspection and drive-by or AVM is not acceptable

Valuation Type / Definition / Criteria

Yes, eSurv will always make a full internal inspection

Valuation Appeals

Can consider. Must send a minimum of 3 comparable properties that have been sold in the last 6 months.

Valuation Appeals

Can consider. Must send a minimum of 3 comparable properties that have been sold in the last 6 months.

Valuation / Survey Types Available

Valuation for mortgage purposes only. Fee free option available with Fee Saver products on properties valued at up to £500,000. Home Buyers Reports and Full Building Surveys are not available through Vida.

Valuation / Survey Types Available

Valuation for mortgage purposes only. Fee free option available with Fee Saver products on properties valued at up to £500,000. Home Buyers Reports and Full Building Surveys are not available through Vida.

Utility Bills Missed/Late Payments/Arrears

Up to 3 unsecured missed payments are allowed in the last six months (for example on credit cards, catalogues and personal loans) up to a combined total of £500

Utility Bills Missed/Late Payments/Arrears

Up to 3 unsecured missed payments in the last six months (for example on credit cards, catalogues and personal loans) up to a combined total of £250 accepted.

Unsecured Loan Arrears

Accepted, up to a maximum of 3 in the last 6 months and up to a combined total of £250.

Unsecured Loan Arrears

Yes, up to 3 missed unsecured payments in the last six months (for example on credit cards, catalogues and personal loans) up to a combined total of £500.

Universal Credit

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this is acceptable at 50% subject to it not being the only form of income. Top slicing not currently accepted where a FTB or self employed.

Universal Credit

Accepted at 50% but must not be main source of income but assessed on individual basis

Unit Trusts / Open Ended Investment Companies as an Interest Only Repayment Vehicle

Acceptable. Stocks, Shares, ISA or other liquid investment. Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

Unencumbered Properties

Acceptable. Treated as a Remortgage.

Unencumbered Properties

Acceptable. Treated as a Remortgage. Free legals would not be available

Underpinned Properties

Properties that have been underpinned in the last 10 years must have a 10 year guarantee warranting the works completed and must be placed with the title deeds. The Valuer must state no sign of new movement. The solicitors to confirm prior to completion that the Building's Insurer's are aware of the problem and willing to cover on normal terms.

Underpinned Properties

Properties that have been underpinned in the last 10 years must have a 10 year guarantee warranting the works completed and must be placed with the title deeds. The Valuer must state no sign of new movement. The solicitors to confirm prior to completion that the Building's Insurer's are aware of the problem and willing to cover on normal terms.

Underpayment Facility

Not acceptable

Underpayment Facility

Not acceptable

UK Resident / EU Nationals

All UK and EEA applicants must provide at least 2 years residential address history in UK. All applicants must provide 3 years address history. A customer with less than 2 years' UK residency is acceptable if applying jointly with another principal customer who is a UK or EEA national, satisfies the UK residency requirements and can afford mortgage based solely on their income.

UK Resident / EU Nationals

All UK and EEA applicants must provide at least 2 years residential address history in UK. All applicants must provide 3 years address history. A customer with less than 2 years' UK residency is acceptable if applying jointly with another principal customer who: is a UK or EEA national; satisfies the UK residency requirements; and can afford mortgage based solely on their income.

Tyneside Flats / Cross Leases

Not Accepted

Tyneside Flats / Cross Leases

Not accepted

Two Applicants on Mortgage / One Named on Deeds

Yes. The Helping Hand proposition will allow parents or step parents and their children to support each other 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. See website for full details

Two Applicants on Mortgage / One Named on Deeds

Not acceptable

Travel Costs / Rail Cards / Travel Season Tickets

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply, this will be included in the affordability assessment. Top slicing not currently available for FTB or self employed.

Travel Costs / Rail Cards / Travel Season Tickets

Travel costs will be considered in the assessment of affordability.

Timber Framed - Non Standard Construction

Timber frame acceptable with a brick or 'block and rendered' outer frame.

Timber Framed - Non Standard Construction

Timber frame acceptable with a brick or 'block and rendered' outer frame.

Third Party Income (Spouse, Partner, Parent etc.) not Named on Mortgage

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this can be considered but only if it is Court Ordered Maintenance. Top slicing not currently accepted where a FTB or self employed.

Third Party Income (Spouse, Partner, Parent etc.) not Named on Mortgage

Only as Court Ordered Maintenance.

Tenure

Freehold & Leasehold are both acceptable. For Capital & Interest loans minimum of 40 years lease remaining at the end of the term. For Interest Only, there must be 70 years remaining at the end of the term.

Tenure

Freehold & Leasehold are both Acceptable For Capital & Interest loans minimum of 40 years lease remaining. Interest Only, 70 years remaining.

Tenancy / Letting to Government/ Housing Association / DSS

Corporate Lets are Acceptable. Require sight of all corporate letting agreements which are then referred to our solicitors for consideration. DSS tenants acceptable.

Tenancy - Letting to Housing Benefit / DSS Tenants

Tenancies to individuals supported by Housing Benefits are acceptable. DSS accepted.

Tenancy - Letting to a Housing Association / Local Authority

Accepted. Will however require sight of the Corporate Letting Agreement in order to consider fully

Temporary Work / Employment

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. Top slicing not currently available for FTB or self employed.

Temporary Work / Employment

Not acceptable

Teachers / Supply Teachers

Treated as a Standard Employment for permanent employed Teachers. Can consider Supply Teachers with a long track record.

Teachers / Supply Teachers

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then permanent employed Teachers are treated as a standard employment. Can consider Supply Teachers with a long track record.

Sub-Sales and Reassignment of Sale Contracts

Not acceptable

Sub-Sales and Reassignment of Sale Contracts

Not acceptable

Subcontractors

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. Top slicing not currently available for FTB or self employed.

Subcontractors

Acceptable. Minimum 6 months' contract or rolling 3 months' renewed at least once. Customer must have a 1 year track record of employment within the same line of work. For self-employed, weekly rate x46 weeks. Where paid via an umbrella company or where employer pays both tax and NI, income verified via last 3 months' payslips and most recent P60 if applicable. CIS contractors income verified using the average of 3 months' income from latest payslips.

Sub Letting

Not acceptable

Studio Flats / Apartments

Acceptable. Must be more than 35 external square metres.

Studio Flats / Apartments

Acceptable. Must be more than 35 square metres.

Student Loans

Student Loans are taken into consideration for Affordability Assessment.

Student Loans

Taken into consideration for Affordability Assessment if income is being used.

Student Lets

Student lets: students can either be on individual AST's or jointly and severally liable for the rent. It is acceptable for a family member to be one of the occupants of a Student Let. Family members must not reside in the property, unless full time students occupying less than 40%. To be let out on AST only.

Stocks & Shares as an Interest Only Repayment Vehicle

Acceptable. Stocks, Shares, ISA or other liquid investment. Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

Stipend

Not acceptable

Stipend

Not acceptable

Steel Framed - Non Standard Construction

Acceptable as long as post-1987 construction within BBA or WIMLAS Certification.

Steel Framed - Non Standard Construction

Acceptable as long as post-1987 construction within BBA or WIMLAS Certification.

State Pension Income

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this is acceptable at 100% subject to it not being the only form of income. Top slicing not currently accepted where a FTB or self employed.

State Pension Income

Accepted however state pension must not be only source of income.

Starter Homes Scheme

Starter Home Initiative not available

SPVs / Business Classification SIC Codes Limited Company Lending

SPV's must have one of the following SIC Codes: 68100 Buying and selling of own real estate‚ 68209 Other letting and operating of own or leased real estate‚ 68320 Management of real estate on a free or contract basis‚ 68201 Renting and operating of Housing Association real estate

Spousal Maintenance

Not acceptable

Spousal Maintenance

Not accepted

Splitting of Title Deed

May consider. Please Refer.

Splitting of Title Deed

May consider. Please Refer.

Special Duties Allowance

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. Top slicing not currently accepted where a FTB or self employed.

Special Duties Allowance

Yes, providing it is available throughout the mortgage term

Solicitors / Conveyancers

Yes providing the solicitor is on our panel.

Solicitors / Conveyancers

For purchase applications, the solicitor must be on our own panel. For remortgage applications, the customer must use our free legal service. (The customer cannot use their own solicitor for a remortgage.)

Sole Trader to a Limited Company - Change of Trading Status

Agreed subject to individual cases assessment. We will consider lending to Special Purpose Vehicles for the purpose of property investment – trading limited company lending is not permitted.

Sole Trader to a Limited Company - Change of Trading Status

Agreed subject to individual case assessment

Solar Panels

Yes

Solar Panels

Yes

Soft Footprint at AIP/DIP Stage

Soft footprint only

Soft Footprint at AIP/DIP Stage

Yes, soft foot print only

Sitting Tenants

Not accepted.

Shortfall in Rental Calculation / Top Slicing / Personal Income Affordability

Top slicing available from 115% for BRT and 120% for HRT. Not available for portfolios, expats, HMOs or MUBs. Not currently available for FTB or self employed

Short Term Renewable Contracts

IIncome and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply then the current contract must be for a period of at least 6 months, or a 3 month contract renewed at least once. If the contract has more than 6 months to run the customer must have been employed for a minimum of 12 months in the same line of work at the time of the application. If the contract has less than 6 months to run the applicant must have a 2-year track record of employment within the same line of work. Top slicing not currently available for FTB or self employed.

Short Term Renewable Contracts

The current contract must be for a period of at least 6 months, or a 3 month contract renewed at least once. If the contract has more than 6 months to run the customer must have been employed for a minimum of 12 months in the same line of work at the time of the application. If the contract has less than 6 months to run the applicant must have a 2-year track record of employment within the same line of work.

Short Term Lending

Not acceptable

Short Term Lending

Not acceptable

Shift Allowance / Unsociable Hours

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. Top slicing not currently available for FTB or self employed.

Shift Allowance / Unsociable Hours

100% of Shift Allowance or Unsociable House payment is accepted.

Sheltered Accommodation / Retirement Housing

Not acceptable

Sheltered Accommodation / Retirement Housing

Not acceptable

Shared Ownership Remortgage Staircasing

Shared Ownership schemes not available

Shared Ownership

Not acceptable

Shared Ownership

Not acceptable

Shared Equity Remortgage Staircasing

Yes, for HTB remortgage staircasing available up to 80% LTV

Shared Equity

Not acceptable

Shared Equity

Not acceptable

Serviced Flat / Apartment

Not Accepted

Serviced Flat / Apartment

Not accepted

Service / Ground Rent / Maintenance Costs

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply, this will be included in the affordability assessment. Top slicing not currently available for FTB or self employed

Service / Ground Rent / Maintenance Costs

Service / Ground Rent / Maintenance Costs will be considered in the assessment of affordability.

Self Employed - Validity of Accounts

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply then Accounts must be no more than 12 months old before the date of application. Where proof of income is more than 12 months old we will also require an accountants certificate verifying that there are no material changes in revenue, expenditure, salary and dividends. Top slicing not currently available for FTB or self employed.

Self Employed - Validity of Accounts

Accounts must be no more than 12 months old before the date of application. Where proof of income is more than 12 months old we will also require an accountants certificate verifying that there are no material changes in revenue, expenditure, salary and dividends. If Accountants certificate is not available, personal and business bank statements are required for review by underwriter

Self Employed - Umbrella Companies

Income and self-employment details are not relevant for self-funding BTLs unless top slicing or a FTB.  If one of these applies, it is acceptable for an applicant to be paid via an umbrella company, which pays tax and NI.  Income verified via last 3 months payslips and most recent P60 if applicable or by way of contract x 46 weeks. Top slicing not currently accepted where a FTB or self employed.

Self Employed - Umbrella Companies

Acceptable to be paid via an umbrella company, which pays tax and NI for the applicant. Income verified via last 3 months payslips and most recent P60 if applicable or by way of contract x 46 weeks

Self Employed - Trading History / Years Accounts

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, we require a minimum 12 months trading period with 1 year's accounts or SA302 & Tax Year Overview. If the Company has been trading for 3 or more years, we will need to see stable / improving profits. Top slicing not currently accepted where a FTB or self employed.

Self Employed - Trading History / Years Accounts

Minimum 12 months trading period with 1 year's accounts or SA302 and tax year overview. If the company has been trading for 3 or more years we will need to see a stable or improving trend of profits.

Self Employed - Sole Trader

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, Sole Traders require 12 months' trading with 1 year's accounts or SA302 and tax overview. Where trading for longer we will also request up to 3 years profit figures. Acceptable sole trader income is taken as the most recent net profit where stable or increasing. Income verified by one of : one years accounts (prepared by certified or qualified accountant); an accountants reference covering the last year; One years SA302 including tax year overview. Top slicing not currently accepted where a FTB or self employed.

Self Employed - Sole Trader

Sole traders require 12 months trading with 1 year's accounts or SA302 and tax year overview. Where trading for longer we will also request up to 3 years profit figures. Acceptable sole trader income is taken as the most recent net profit where stable or increasing. Income verified by one of : one years accounts (prepared by certified or qualified accountant); an accountants reference covering the last year; One years SA302 including tax year overview.

Self Employed - Retained Profit in Company

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. Top slicing not currently available for FTB or self employed.

Self Employed - Retained Profit in Company

Retained profit will not be considered however, where 100% shareholders are on the mortgage we will consider net profit after tax from the latest approved and finalised accounts. The last 3 years accounts will need to show stable or improving business profits.

Self Employed - Partnerships

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. Top slicing not currently available for FTB or self employed.

Self Employed - Partnerships

Vida requires 12 months trading with 1 year's accounts or SA302 and tax year overview. Where trading for longer we will also request up to 3 years profit figures. Acceptable partnership income is taken as the most recent share of partnership profit where stable or increasing.

Self Employed - Limited Liability Partnerships / LLP's

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this can be considered subject to 12 months trading with 1 year's accounts or SA302 and tax year overview. Where trading for longer we will also request up to 3 years profit figures. Acceptable partnership income is taken as the most recent share of partnership profit where stable or increasing. Top slicing not currently accepted where FTB or self employed.

Self Employed - Limited Liability Partnerships / LLP's

Yes, accepted

Self Employed - Director / Percentage Share of Business

Once an applicant reaches a 25% shareholding they will be considered self employed

Self Employed - Director / Percentage Share of Business

Once an applicant reaches a 25% shareholding they will be considered self employed

Self Employed - Director / Limited Company

Once an applicant reaches a 25% shareholding they will be considered self employed

Self Employed - Director / Limited Company

Treated as self employed when owning 25% or more of the shares. For joint applicants who are shareholders in the same company, the 25% relates to the combined shareholding. Affordability based upon dividends + remuneration, or net profit where applicants own 100% of the company

Self Employed - Declining Profits

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply then where figures show a significant variance, Vida may request further information for prior years to enable a better view of the trend to be established prior to making a decision. Top slicing not currently available for FTB or self employed.

Self Employed - Declining Profits

Where figures for the previous 2 years show a significant variance Vida may request information for prior years to enable a better view of the trend to be established. Net profit should be progressively rising or, at worst, level.

Self Employed - Assessment of Accounts for Affordability

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply, income is verified using one of:- One year's accounts( 1 year's verified accounts or SA302), an accountant's reference covering at least a year or one year's HMRC self-assessment tax return. If the proof of income is more than 12 months old then in addition will require an accountants certificate verifying there are no material changes in revenue, expenditure, salary and dividends. Top slicing not currently available for FTB or self employed

Self Employed - Assessment of Accounts for Affordability

Where self employed, income is verified using one of:- One year's accounts( 1 year's verified accounts or SA302), an accountant's reference covering at least a year or one year's HMRC self-assessment tax return. If the proof of income is more than 12 months old then in addition will require an accountants certificate verifying there are no material changes in revenue, expenditure, salary and dividends.

Self Employed - 1 Years Accounts

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply, this can be considered. Top slicing not currently available for FTB or self employed.

Self Employed - 1 Years Accounts

Applications will be accepted as long as there is a minimum of one years verified accounts or SA302 covering one year. All self-employed income will be verified by accounts that must be certified by a qualified accountant or the SA302.

Self Build / Custom Build

Not available

Self Build / Custom Build

Not accepted.

Second Job / Additional Employment

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this is acceptable at 100% providing a 12 month history can be demonstrated. Top slicing not currently accepted where a FTB or self employed.

Second Job / Additional Employment

Up to 100% of income from second jobs accepted, providing a 12 month record can be demonstrated.

Second Home / Property / Pied a Terre

Not acceptable

Seasonal Employment

Not acceptable

Seasonal Employment

Not acceptable

School Fees

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply, this will be included in the affordability assessment. Top slicing not currently available for FTB or self employed.

School Fees

School fees will be considered in the assessment of affordability.

Savings as an Interest Only Repayment Vehicle

Acceptable. Cash ISA or other savings. Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

Sale of UK Investment Property as an Interest Only Repayment Vehicle

Sale of another mortgaged property acceptable as repayment strategy. Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

Sale of Security Address as an Interest Only Repayment Vehicle

Acceptable

Sale of Security Address as an Interest Only Repayment Vehicle

Downsizing acceptable. 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. Min £200,000 equity required at the start of the mortgage for all securities located within London and the South East of England‚ £150,000 for securities located in the rest of the UK. Max LTV : 70%

Sale of Other Assets as an Interest Only Repayment Vehicle

Acceptable. Other repayment strategies, including sale of other assets and occasional payments from income will be considered. Interest only Repayment Strategy Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

Sale of Main Residence as an Interest Only Repayment Vehicle

Downsizing acceptable. 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. Min £200,000 equity required at the start of the mortgage for all securities located within London and the South East of England‚ £150,000 for securities located in the rest of the UK. Max LTV : 70%

Sale of Foreign Property/Assets as an Interest Only Repayment Vehicle

Not accepted

Sale and Rent Back

Not acceptable

Right To Buy / Section 125

Temporarily unavailable

Right To Buy / Section 125

Not Accepted for BTL - residential only.

Right to Acquire

Temporarily unavailable

Right to Acquire

Not acceptable for BTL.

Re-Type Valuations

Re-typed valuations not accepted

Re-Type Valuations

Re-typed valuations not accepted

Retirement Interest Only (RIO) Mortgages

No

Retentions Full / Partial

Partial retentions not acceptable. Assessed on current valuation. Full retentions are required where substantial work is necessary on the subject property

Retentions Full / Partial

Partial retentions not acceptable. Assessed on current valuation. Full retentions are required where substantial work is necessary on the subject property

Retained / Additional Property in the Background

Not acceptable for security purposes but happy to consider lending on a new residential purchase with one in the background. The monthly payment on any mortgage would be taken as a commitment. Let to Buy acceptable.

Retained / Additional Properties in the Background - Non Professional Landlords

Acceptable. Full property details will need to be supplied at application for consideration

Restrictive Covenants

Not acceptable

Restrictive Covenants

Not acceptable

Residential Mortgage in the Background / To Remain

If it is a Let To Buy this is acceptable.

Residency

All applicants must provide 3 years address history. UK and EEA applicants must provide at least 2 years residential address history in UK. Non EEA Nationals must be resident in the UK the for last 2 years and have a permanent right to reside in the UK. A customer with less than 2 years' UK residency is acceptable if applying jointly with another principal customer who: is a UK or EEA national; satisfies the UK residency requirements; and can afford mortgage based solely on their income.

Residency

3 years' address history required from all applicants. All UK and EEA applicants must provide at least 2 years' residential address history in UK. All Non EEA nationals must have been resident in the UK the for last 2 years and have permanent right to reside. A customer with less than 2 years' UK residency is acceptable if applying jointly with another principal customer who is a UK or EEA national‚ satisfies the UK residency requirements and can afford mortgage based solely on their income.

Requirement to be a Homeowner / Owner Occupier

Applicants who do not currently own any property are acceptable, but will be assessed for affordability on both a residential and BTL basis.

Rental Income as Sole/Additional Declared Income

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. Top slicing not currently available for FTB or self employed.

Rental Income as Sole/Additional Declared Income

100% Accepted as long as supported by SA302 & Tax Year Overview, accountants certificate or financial accounts

Rental Income as Sole Income

Yes - self employed criteria applies

Rental Income as Sole Income

Acceptable

Rental Income as Additional Declared Income

Yes assessed at 100%

Rental Income as Additional Declared Income

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply, this could be considered. Top slicing is not allowed if the property is an HMO or MUB or if the Applicant is a Portfolio landlord or an Ex-Pat

Rental Calculation / Stress Test / Interest Cover Ratio (ICR)

Single unit: BRT and Ltd Cos 125%. Top slicing from 115% using surplus income subject to full affordability assessment and income verification. HRT 140% with top slicing from 120%. Ex Pats cannot top slice from surplus income. HMO/MUB: 130% for BRT, 140% for HRT. No top slicing. For 5 year fixed rate the cover is based on the initial product rate. When £ for £ remortgage, but not a 5 year fixed rate, use a notional rate of 5% unless the initial rate is higher. For 2 year fixed, the rental calculation is based on the higher of 5.5% or product rate + 2%. Rental Calculation must cover the Gross Loan i.e. including any fees that are being added.

Rent To Buy

Not acceptable

Rent To Buy

Not acceptable

Rent Arrears

Considered subject to maximum overall restrictions on adverse credit - see full credit status on website product guides.

Rent Arrears

Considered subject to maximum overal restrictions on adverse credit - see full credit status on website product guides.

Remortgage from Bridging Finance/Loan

Acceptable if over 6 months ago. If less than 6 months ago, we allow remortgaging from bridging finance provided by other lenders including the roll up of interest and lender fees only. Capital raising is not accepted in this time period. Repayment of a private bridge is not permitted.

Remortgage from Bridging Finance/Loan

Acceptable. We allow remortgaging from bridging finance provided by other lenders including the roll up of interest and lender fees. Capital raising is not accepted.

Remortgage Capital Raising Purposes

Remortgage allowed for any legal purpose. Capital Raising excludes speculative investments, gambling debts and purchase of time share.

Remortgage Capital Raising Purposes

Remortgage allowed for any legal purpose. Debt consolidation available up to 75% LTV. Capital Raising excludes business purposes, speculative investments, gambling debts and purchase of time share.

Remortgage Applications

Remortgage allowed for any legal purpose and up to scheme limits. Excludes business purposes, speculative investments, Gambling Debts and the purchase of time share

Remortgage Applications

Remortgage allowed for any legal purpose and up to scheme limits. Excludes business purposes, speculative investments, Gambling Debts and the purchase of time share

Remortgage - Transfer of Equity

Acceptable. Solicitor will be required to confirm details of the transfer

Remortgage - Transfer of Equity

Acceptable. Solicitor will be required to confirm details of the transfer

Remortgage - Rental Calculation Pound for Pound

Rental income must meet our interest coverage requirements for the advance requested

Re-inspection Fees - New Build

No, Vida will charge a re-valuation fee of £120 where a re-inspection is required prior to the release of monies

Re-inspection Fees - New Build

No, Vida will charge a re-valuation fee of £120 where a re-inspection is required prior to the release of monies

Regulated Buy To Let / BTL

Family members must not reside in the property, unless full time students occupying less than 40%. To be let out on AST only.

Regulated Buy To Let / BTL

Not accepted

Reduced Income for a Defined Period

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. If income is being used please refer for consideration. Top slicing not currently accepted where a FTB or self employed.

Reduced Income for a Defined Period

Please refer for consideration

Reduced Earnings Allowance

Not acceptable

Reduced Earnings Allowance

Not acceptable

Purchase of Land

Not acceptable

Purchase of Land

Not acceptable

Purchase of Adjoining Property

Yes but both properties must be single dwelling units and there can be no shared services other than a cesspit

Purchase of Adjoining Property

Yes but both properties must be single dwelling units and there can be no shared services other than a cesspit

Purchase from Own/Family's Limited Company

Not acceptable

Purchase from Own/Family's Limited Company

Not acceptable

Purchase from a Limited Company

Vida will not accept property which is being bought from customers own limited company

Purchase from a Limited Company

Vida can accept a purchase application from a limited company

Purchase for Family Member

Family members must not reside in the property, unless full time students occupying less than 40%. To be let out on AST only.

Purchase for Family Member

Not acceptable.

Purchase Application

Acceptable. Up to 80% LTV. See Criteria Category for LTV's for more information.

Property with Shared Access / Shared Services

Not acceptable

Property with Shared Access / Shared Services

Not acceptable

Property with Outbuildings

Areas up to three acres acceptable, more can be considered on a case by case basis. Must be wholly for residential use, private paddocks and stables acceptable but not farms and smallholdings. Agricultural or similar restrictions not acceptable.

Property with Outbuildings

Areas up to three acres acceptable, more can be considered on a case by case basis. Must be wholly for residential use, private paddocks and stables acceptable but not farms and smallholdings. Agricultural or similar restrictions not acceptable.

Property with Land / Acreage

Areas up to three acres acceptable, more can be considered on a case by case basis. Must be wholly for residential use, private paddocks and stables acceptable but not farms and smallholdings. Agricultural or similar restrictions not acceptable.

Property with Land / Acreage

Areas up to three acres acceptable, more can be considered on a case by case basis. Must be wholly for residential use, private paddocks and stables acceptable but not farms and smallholdings. Agricultural or similar restrictions not acceptable.

Property with an Annex / Outbuildings / Land / Acreage

Can consider. Subject to valuer's comments.

Property with an Annex / Outbuildings / Land / Acreage

Can consider. Subject to valuer's comments.

Property with an Annex

Properties with annexes are acceptable with shared services provided the annex is used for residential purposes. One Annex for family only. Where you are aware the occupation is by an extended family member, for example parent, please provide the details.

Property with an Annex

Properties with annexes are acceptable with or without shared services provided the annex is used for residential purposes. One annex only, which should be occupied as ancillary accommodation to the main property under the same AST i.e. no separate letting.

Property owned for less than 6 months by Vendor

Not accepted. The owner must have been registered longer than 6 months

Property owned for less than 6 months by Vendor

Not accepted. The owner must have been registered longer than 6 months

Property Management / Letting Agent/Agency

No requirement for a management Agent to be appointed. Vida accept Applicants who self-manage their properties

Property Condition / Minimum Requirements

Must be habitable in it's current condition and subject to Valuer's comments.

Property Condition / Minimum Requirements

Must be habitable in it's current condition. Subject to Valuer's comments.

Property close to / on Landfill

Vida cannot accept as suitable security

Property close to / on Landfill

Vida cannot accept as suitable security

Property affected by Subsidence

Vida cannot accept as suitable security

Property affected by Subsidence

Vida cannot accept as suitable security

Property affected by Mining / Close to Mineshaft

Will not lend where saleability may be adversely affected by local planning or by an unsatisfactory mining report

Property affected by Mining / Close to Mineshaft

Will not lend where saleability may be adversely affected by local planning or by an unsatisfactory mining report

Property affected by Contamination

Vida cannot accept as suitable security

Property affected by Contamination

Vida cannot accept as suitable security

Property / Investment Clubs

Purchases and remortgages involving a Property Investment Club will not be considered.

Property / Investment Clubs

Purchases and remortgages involving a Property Investment Club will not be considered.

Properties subject to the Green Deal Government Scheme

Acceptable

Properties subject to the Green Deal Government Scheme

Acceptable

Properties Purchased at Auction

Can consider

Properties Purchased at Auction

Can consider

Properties close to Commercial Outlets

Accepted. Flats above commercial premises will be accepted with up to of 75% LTV. Where the commercial premises is a restaurant, takeaway or launderette the loan will be restricted to a maximum of 60% LTV

Properties close to Commercial Outlets

Accepted. Flats above commercial premises will be accepted with a maximum of 75%LTV. Where the commercial premises is a restaurant, takeaway or launderette the loan will be restricted to a maximum of 60% LTV

Proof of Residential / Address ID

Electronic identification will be used to identify an applicant(s) against a variety of public databases. If the applicant(s) is not found or does not pass the electronic ID verification process, proof of identity & residency as appropriate will be required. EID used, but where required we may need the following: Utility bill dated within the last 3 months (internet statements will be considered), Bank/credit card statements showing full name and address (internet statements will be considered)‚ Latest Council Tax bill, HM Revenue & Customs correspondence - relating to current tax year‚ Latest Mortgage Statement (internet statements not acceptable)

Proof of Residential / Address ID

Satisfactory proof of residency covering a minimum 2 year period is always required. Electronic Identification (EID) is used. However ,if the applicant is not found or does not pass the EID verification process, proof of identity and residency will be required as appropriate:- valid UK driving licence, utility bill dated within the last 3 months (internet statements considered)‚ bank / credit card statements showing full name and address (internet statements considered), latest council tax bill, HM Revenue & Customs correspondence - relating to current tax year, latest mortgage statement (internet statements not acceptable).

Proof of Personal / Photographic ID

Electronic identification (EID) will be used to identify applicants. If applicants is not found or does not pass the EID verification process, proof of identity: Valid UK Passport, Valid UK Driving Licence‚ Valid Non-UK Passport or National ID Card, HM Forces / Police Warrant Card, UK Firearms certificate or shotgun licence

Proof of Personal / Photographic ID

Electronic identification (EID) will be used to identify applicants. If applicants is not found or does not pass the EID verification process, proof of identity: Valid UK Passport, Valid UK Driving Licence‚ Valid Non-UK Passport or National ID Card, HM Forces / Police Warrant Card, UK Firearms certificate or shotgun licence

Proof of Deposit

Required in any purchase where the deposit is NOT being funded by use of equity release from the sale of the customer's current property.

Proof of Deposit

Required in any purchase where the deposit is NOT being funded by use of equity release from the sale of the customer's current property

Professions / Professional Specialist Range / Criteria

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. Top slicing not currently accepted for FTB or self employed.

Professions / Professional Specialist Range / Criteria

No specialist criteria, treated as any other applicant.

Professional Sports People

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. If either of these apply, each case will be considered on its individual merits. Top slicing not currently available for FTB or self employed.

Professional Sports People

Accepted but each case considered on its individual merit.

Professional Landlords

Maximum 20 properties up to a maximum portfolio of £4,000,000 with Vida. No limit on total properties in overall portfolio. If landlord's whole portfolio is four or more properties (regardless of Lender), average maximum LTV is 80%

Professional Landlords

Yes and will be treated as Self Employed.

Product Transfer / Rate Switch / Customer Retention

Not currently available.

Product Transfer / Rate Switch / Customer Retention

Not available

Product Split on same Mortgage

Not Accepted

Product Split on same Mortgage

Not accepted

Probationary Period

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB and would be subject to underwriters descretion. Top slicing not currently available for FTB or self employed.

Probationary Period

Yes, this can be considered subject to the underwriter's discretion.

Private Sales (No Estate Agent Acting)

Acceptable

Private Sales (No Estate Agent Acting)

Acceptable

Private Pension Income

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this is acceptable at 50%. Top slicing not currently accepted where a FTB or self employed.

Private Pension Income

Accepted at 100%

Price Work

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply then this needs to be referred . It may be acceptable subject to a long track record. Top slicing not currently available for FTB or self employed.

Price Work

Refer. May be acceptable subject to a long track record.

Pre Reinforced Concrete / PRC - Non Standard Construction

Not accepted

Pre Reinforced Concrete / PRC - Non Standard Construction

Will not accept property constructed using concrete Large Panel System (LPS).

Postcode / Location Acceptable Areas for Lending

England, Wales and the following postcodes in Scotland; AB (excluding 42-45, 56), DD, DG, EH (excluding 43-46) G, IV (excluding 4, 13, 19-63), FK, KA (excluding 6, 18, 19, 26-28), KY, ML, PA (excluding 20 - 80) and PH (excluding 20 - 42)

Postcode / Location Acceptable Areas for Lending

England, Wales and the following postcodes in Scotland; AB (excluding 42-45, 56), DD, DG, EH (excluding 43-46) G, IV (excluding 4, 13, 19-63), FK, KA (excluding 6, 18, 19, 26-28), KY, ML, PA (excluding 20 - 80) and PH (excluding 20 - 42)

Porting

Not supported

Porting

Not supported.

Portfolio Landlords - Up to 4 BTL Properties with other Lenders

Accepted - no restriction of total portfolio size. Up to 20 (max £4m) can be with Vida

Portfolio Landlords - Unlimited BTL Properties with other Lenders

Accepted - no restriction of total portfolio size. Up to 20 (max £4m) can be with Vida

Portfolio Landlords - Top Slice Personal Income

Top Slice personal income is not available for portfolios.

Portfolio Landlords - Specific Scheme

No, portfolio landlords access the same product range as individual unit landlords

Portfolio Landlords - Rental Assessment of Background Properties

Vida will only apply rental assessment to portfolio properties with Vida. This is at the same rate as for individual properties ie 125% at 5.5% or 5% for pound for pound remortgage. For the wider (non - Vida) portfolio we will simply assess rental income compared to the mortgage payment but will be looking to see how any properties with < 125% is mitigated through the Portfolio as a whole

Portfolio Landlords - Remortgage Debt Consolidation

Portfolio Landlords can remortgage for debt consolidation up to scheme limits. Maximum borrowing with Vida 20 properties and £4,000,000. Maximum 80% LTV across wider portfolio

Portfolio Landlords - Remortgage Capital Raising to pay a Tax Bill

Yes, accepted. no different for a portfolio landlord or non-portfolio landlord

Portfolio Landlords - Remortgage Capital Raising for Business Purposes

Yes - capital raising for portfolio landlords is no different to capital raising for non portfolio landlords. Accepted for any legal purposes.

Portfolio Landlords - Remortgage Capital Raising

Portfolio landlords can remortgage with Vida up to the maximum of 20 properties and £4,000,000. Max LTV across wider portfolio of 80%

Portfolio Landlords - Remortgage

Average LTV across wider portfolio must be no greater than 80%

Portfolio Landlords - Purchase Application

Portfolio landlords can hold up to 20 mortgaged properties with Vida and up to £4,000,000. Max LTV across wider portfolio of 80%

Portfolio Landlords - Number of BTL Properties with other Lenders

There is no restriction on total portfolio size with other lenders.Average LTV must be no more than 80% across the portfolio

Portfolio Landlords - Minimum Income

No minimum income required. Affordability is based upon rental income per property

Portfolio Landlords - Maximum Number of Properties

No overall portfolio limit. Maximum of 20 properties and £4,000,000 with Vida

Portfolio Landlords - Maximum Number of BTL Properties with Lender

Maximum of 20 properties with a maximum portfolio of £4m with Vida.

Portfolio Landlords - Maximum Loan Amount / Lending / Borrowing

Vida will lend against a maximum of 20 properties and up to a maximum of £4m. No limit on total portfolio size and no restriction on the total amount being borrowed by the portfolio landlord

Portfolio Landlords - eTech Buy to Let Hub

Yes, Vida uses eTech's Buy to Let Hub

Portfolio Landlords - Documents Required

Vida will require an existing property portfolio spreadsheet and Business plan for each application. Both of these forms are downloadable from Vida website. Brokers can upload their existing portfolio spreadsheet providing it contains the relevant information. On rare occasions the underwriter might also request a cashflow forecast and/or an Asset and Liability statement

Portfolio Landlords - Cash Flow Statement / Forecast

A Cash Flow Statement and/ or an Assets & Liabilities Statement can be requested at the underwriter’s discretion on any BTL application.

Portfolio Landlords - Business Plan

Business plan required on al portfolio landlord applications.

Portfolio Landlords - Assets and Liabilities Statement

A Cash Flow Statement and/ or an Assets & Liabilities Statement can be requested at the underwriter’s discretion on any BTL application.

Portfolio Landlords - Applications Accepted From

Vida defines a portfolio landlord as one with 4 mortgaged BTL properties prior to application

Portfolio Landlords - Additional Underwriting Checks

All Portfolio Landlords will need to complete a Business Plan and on occasion and at underwriter discretion, may be asked to provide a Cashflow Statement and an Asset and Liability Statement.

Portfolio Landlords - 5 to 10 BTL Properties with other Lenders

Accepted - no restriction of total portfolio size. Up to 20 (max £4m) can be with Vida

Portfolio Landlords - 11 to 50 BTL Properties with other Lenders

Accepted - no restriction of total portfolio size. Up to 20 (max £4m) can be with Vida

Portfolio Landlord - Definition of

Someone who has 4 or more mortgaged BTL properties at application Up to 80% LTV average across portfolio. £4m max loans on up to 20 proerties with Vida. No limit on overall portfolio size

Portfolio

Up to 20 properties with a maximum portfolio of £4,000,000 with Vida. No limit on overall portfolio size. If landlord's whole portfolio is four or more properties (regardless of lender), average LTV must be no more than 80%.

PO Box Address for Ex Pats

If the only available overseas address is a PO Box number, this will be acceptable where supported by confirmation from their employer via proof of address template and last 3 months payslips showing the salary credit into the bank account

PO Box Address for Ex Pats

If the only available overseas address is a PO Box number, this will be acceptable where supported by confirmation from theiremployer via proof of address template and last 3 months payslips showing the salary credit into the bank account

Planning Permissions

Not acceptable

Planning Permissions

Not acceptable

Piece Work / Piece Workers

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. If either of these do apply, this will need to be referred for consideration by exception subject to at least 1 year's track record and suitable evidence of earnings. Top slicing not currently available for FTB or self employed.

Piece Work / Piece Workers

We will consider Piece Work in exceptional circumstances, subject to at least 1 year's track record and suitable evidence of earnings.

Personal Independence Payment / PIP

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this is acceptable at 50%. Top slicing not currently accepted where a FTB or self employed.

Personal Independence Payment / PIP

Accepted at 50% but assessed on individual basis

Personal Finance for Business Purposes

Not accepted

Personal Finance for Business Purposes

Not Acceptable for BTL.

Permanent Health Insurance / PHI

Not acceptable

Permanent Health Insurance / PHI

Not acceptable

Period Properties / Non Standard Construction

Refer, subject to valuers comments

Period Properties / Non Standard Construction

Refer, subject to valuers comments

Pension Credit

Not acceptable

Pension Credit

Not acceptable

Pension Contributions

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply, this will be included in the affordability assessment. Top slicing not currently available for FTB or self employed.

Pension Contributions

Pension contributions will be ignored in the assessment of affordability unless they are deemed excessive.

Pension as an Interest Only Repayment Vehicle

Acceptable. Pension (Personal, Executive or Employed pension plan). Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

Payslips / Wageslips

Hand-written document and online payslips will be accepted with the corresponding bank statement to show the salary credit being made to the customer.

Payslips / Wage slips

Hand-written document and online payslips will be accepted with the corresponding bank statement to show the salary credit being made to the customer.

Payment Holidays

Applicants must have finished the payment holiday (for secured and unsecured loans), with evidence of at least one payment made via most recent mortgage/lender statement or alternatively most recent bank statement Please see Vida’s COVID-19 Lending guide for further info

Payment Holidays

Applicants must have finished the payment holiday (for secured and unsecured loans), with evidence of at least one payment made via most recent mortgage/lender statement or alternatively most recent bank statement. Please see Vida’s COVID-19 Lending guide for further info

Payday Loans

Can be considered however assessed for frequency on a case by case basis.

Payday Loans

Can be considered however assessed for frequency on a case by case basis

Partner/2nd Applicant - With No Income

Yes, this would be considered

Partner/2nd Applicant - With No Income

Accepted

Part Repayment & Part Interest Only

Not Accepted.

Part Repayment & Part Interest Only

Not Accepted

Paid In Cash

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB, but if one of these applies, this can be considered subject to usual underwriting checks. Top slicing not currently accepted where a FTB or self employed.

Paid In Cash

Will consider. Subject to usual underwriting checks.

Overtime - Regular

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this is acceptable at 50%. Top slicing not currently accepted where a FTB or self employed.

Overtime - Regular

Accepted at 50%

Overtime - Guaranteed

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB. If one of these applies, this is acceptable at 50%. Top slicing not currently accepted where a FTB or self employed. 

Overtime - Guaranteed

50% of guaranteed overtime is accepted - evidenced by last three months' payslips.

Overtime - Fluctuating

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. If either of these do apply, overtime can be considered at 50%. Top slicing not currently available for FTB or self employed.

Overtime - Fluctuating

Accepted at 50%

Overpayment Facility

Overpayments of up to 10% per annum of the outstanding loan are permitted without incurring an Early Repayment Charge during the initial fixed/variable term.

Overpayment Facility

Overpayments of up to 10% per annum of the outstanding loan are permitted without incurring an Early Repayment Charge during the initial fixed/variable term.

Over-indebtedness / Debt to Income Ratio

Vida does not use Debt to income ratios. All applications must pass affordability

Over-indebtedness / Debt to Income Ratio

Vida does not use Debt to income ratios. All applications must pass affordability

Overhead Power Lines

Subject to valuers comments and underwriting

Overhead Power Lines

Subject to valuers comments and underwriting

Overage

Not acceptable

Overage

Not acceptable

Over 55 Buy To Let Mortgage - Equity Release

Not applicable

Over 55 Buy To Let Equity Release - Unacceptable Equity Release Purposes

Not applicable

Over 55 Buy To Let Equity Release - No Negative Equity Guarantee

Not applicable

Over 55 Buy To Let Equity Release - Fixed interest rate for the life of the loan

Not applicable

Other Income

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If these apply, the following can be considered:- At 100%: Income from trust funds; Rental profit; Investment income supported by SA302; Occupational pension income (including war widows/disablement or widowers pensions); Second and other jobs providing 12 months record; Car allowance; Shift allowance; London/large town allowance; Housing allowance (provided by an employer); Mortgage subsidy; Payments from Armed Forces compensation scheme; Lodger income (for remortgages); Foster Care Income. The following are acceptable at 75%: Regular monthly, quarterly or annual bonuses supported by P60 and relevant payslips. The following are acceptable at 50%: Universal Credit (not as main income); Overtime or commission; non regular bonus or profit related pay; Disability/Carers Allowance; Incapacity Benefit.

Other Income

The following are acceptable at 100%: Income from trust funds; rental profit; investment income supported by SA302; occupational pension income (including war widows/disablement or widowers pensions); second and other jobs providing 12 months' record; car allowance; shift allowance; London/large town allowance; housing allowance (provided by an employer); mortgage subsidy; payments from armed forces compensation scheme; lodger income (for remortgages); foster care income. The following are acceptable at 75%: regular monthly, quarterly or annual bonuses supported by P60 and relevant payslips. The following are acceptable at 50%: Universal Credit (not as main income); overtime or commission; non regular bonus or profit related pay; Disability/Carer's Allowance; Incapacity Benefit.

Offshore Financing

Not acceptable

Offshore Financing

Not acceptable

Offset Mortgages

Not Available.

Off Plan New Build Houses / Apartments

Properties in the course of construction or Off Plan will be considered on a 'finished basis' valuation with full retention of monies until the property is ready for completion

Off Plan New Build Houses / Apartments

Properties in the course of construction or Off Plan will be considered on a 'finished basis' valuation with full retention of monies until the property is ready for completion

Occupancy

With the exception of our Helping Hand proposition, all applicants must reside in the security property. Helping Hand is our Joint Borrower Sole Proprietor purchase and remortgage offer (either FTB or home-mover, excludes RTB). Parents and children assisting each other to buy a home by joining the mortgage without going on the title deeds. All incomes considered in affordability subject to usual rules.

Occupancy

Family members must not reside in the property, unless full time students occupying less than 40%. To be let out on AST only.

Nursing Bank / Nurses

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply then this is an acceptable form of income and will be considered at 100%. Top slicing not currently available for FTB or self employed.

Nursing Bank / Nurses

Treated as employed applicants and accepted at 100%.

Number of Floors / Storeys / High Rise

High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuers comments on mortgageability & saleability. For Ex-Local Authority/Housing Association/Ministry of Defence, where the block is over 4 storeys in height (ground floor + 3 floors) or with more than 50 units in the block, can be considered on an individual basis. Balcony access can be accepted. High rise flats must have a lift if property is on or above 4th floor (ground floor + 3 floors)

Number of Floors / Storeys / High Rise

High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer's comments on mortgageability & saleability. For Ex-Local Authority/Housing Association/Ministry of Defence, where the block is over 4 storeys in height (ground floor + 3 floors) or with more than 50 units in the block, can be considered on an individual basis. Balcony access can be accepted. High rise flats must have a lift if property is on or above 4th floor (ground floor + 3 floors).

Non UK Tax Payer / Non Domicile

Acceptable and assessed on individual basis

Non UK Tax Payer / Non Domicile

No, all applicants must be liable to pay UK tax

Non UK / EU / EEA Foreign Nationals - Time remaining on Visa

All non EEA Nationals must be resident in the UK for the last 2 years and have permanent right to reside in the UK.

Non UK / EU / EEA Foreign Nationals - Time remaining on Visa

All non EEA Nationals must be resident in the UK for the last 2 years and have permanent right to reside in the UK. Exception is where non EEA national without permanent right to reside is party to a joint mortgage where affordability can be passed entirely on other applicant's income who is a UK / EEA National who satisfies the UK residency requirements. In addition if top-slicing is required, affordability will be based solely on the UK/EEA National.

Non UK / EU / EEA Foreign Nationals

Accepted. All Non EEA Nationals must be resident in the UK the for last 2 years and have a permanent right to reside in the UK. All applicants must provide 3 years address history.

Non UK / EU / EEA Foreign Nationals

Accepted. All Non EEA nationals must have been resident in the UK the for last 2 years and have permanent right to reside in the UK. We require 3 years' address history from each applicant.

Non Standard Construction

Please refer to us for consideration

Non Standard Construction

We will consider Non-Standard Construction properties in some instances; please contact us by telephone to discuss the case in more detail.

Non Simultaneous / Staggered Sale & Completion

Acceptable as long as income can cover both mortgages.

Non Borrowing Occupiers

Acceptable with each occupier over the age of 17 to sign a witnessed Declaration following independent legal advice

NHS Fleet Solutions / Car Scheme / Salary Sacrifice

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB but if either of these apply then this will be considered in the affordability calculation. Top slicing not currently available for FTB or self employed.

NHS Fleet Solutions / Car Scheme / Salary Sacrifice

Vida would take this into consideration for affordability assessment

New Build/Builder Sales Incentives

Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder, confirming monetary value. Maximum 5% of the total amount of the Incentives as declared on the UK Finance Disclosure Form. Can be split i.e. 2.5% Builder Gifted Deposit and 2.5% Cash or other incentives.

New Build/Builder Sales Incentives

Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder to confirm monetary value. Maximum 5% of the total amount of the Incentives as declared on the CML Form which can be split i.e. 2.5% Builder Gifted Deposit and 2.5% Cash or other incentives.

New Build Warranties / Warranty Providers

Must hold an acceptable warranty from one of the following (not exhaustive): Advantage/Advantage HCI‚ Aedis Warranties Limited‚ Ark Insurance Group Limited-Latent Defects Insurance‚ Build Assure‚ Build Life Plans‚ Build Zone, Castle 10 (Checkmate)‚ Global Home Warranties Limited‚ ICW, LABC‚ NHBC Certificates, Premier Guarantee‚ Protek‚ Q Assure Build Limited‚ Zurich Municipal Policy

New Build Warranties / Warranty Providers

Must hold an acceptable warranty from one of the following (not exhaustive): Advantage/Advantage HCI‚ Aedis Warranties Limited‚ Ark Insurance Group Limited-Latent Defects Insurance‚ Build Assure‚ Build Life Plans‚ Build Zone, Castle 10 (Checkmate), Global Home Warranties Limited‚ ICW, LABC‚ NHBC Certificates, Premier Guarantee‚ Protek‚ Q Assure Build Limited‚ Zurich Municipal Policy

New Build Houses

Accepted up to scheme limits. Vida Homeloans define a new build property as a property that has never been occupied and must have suitable NHBC Warranty.

New Build Houses

Accepted up to scheme limits. New Build is defined as a property that has never been occupied and carries a suitable NHBC warranty.

New Build Bulk Purchase Discount / Off Plan

Not accepted

New Build Bulk Purchase Discount / Off Plan

Not accepted

New Build Apartments / Flats

New Build apartments and flats are accepted up to scheme limits. Vida Homeloans define a new build property as a property that has never been occupied and must have suitable NHBC Warranty. Valuation can be off plan. Initial offer is for 6 months and can be extended for a further 6 months on the same product subject to credit search, affordability and re-valuation (£120). High rise flats must have a lift if situated above 4th floor (ground floor + 3 floors). High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer comments on mortgageability & saleability.

New Build Apartments / Flats

New Build apartments and flats are accepted up to scheme limits. New Build is defined as a property that has never been occupied and carries a suitable NHBC warranty. Valuation can be off plan. Initial offer is for 6 months and extendable for a further 6 months on the same product, subject to credit search, affordability and re-valuation (£120). High rise flats must have a lift if situated above 4th floor (ground floor + 3 floors). High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer's comments on mortgageability & saleability.

Mundic Block - Non Standard Construction

Not accepted

Mundic Block - Non Standard Construction

Not accepted

Multiple Tenancy Agreements / Room by Room Letting

Acceptable as an HMO.

Multi Let / Multi Unit Block Property

MUBs accepted up to 5 units on a single freehold title. At least one applicant must have 1 year’s landlord experience. Min Valuation £175,000 for the freehold block in London and SE, £125,000 in all other regions. Rental assessment = 130% for basic rate tax payers or Limited Companies, 140% for higher rate taxpayers. Top slicing not available

Mortgage Term - Years or Years and Months

Yes, will accept either full years, or years and months. Minimum 5 years, maximum 40 years.

Mortgage Term - Years or Years and Months

Minimum term 5 years, maximum term 40 years

Mortgage Offer Validity - Re-sale House / Flat

120 days

Mortgage Offer Validity - Re-sale House / Flat

120 days with potential to extend by a further 120 days

Mortgage Offer Validity - New Build House / Flat

180 days for New Builds. Offers can be extended by up to 6 months subject to new credit search, affordability & re-valuation

Mortgage Offer Validity - New Build House / Flat

180 days - new builds Offers can be extended by up to 6 months subject to new credit search, affordability & re-valuation

Mortgage Offer Validity

Offers are valid for 4 months which can be extended for a further 4 months on the same product subject to a credit search, in date valuation and affordability assessment (if applicable). For New Build, offers are valid for 6 months, extendable for a further 6 subject to credit search, affordability and re-valuation (£120).

Mortgage Offer Validity

Offers are valid for 4 months which can be extended for a further 4 months on the same product subject to a credit search and affordability assessment. For New Build, offers are valid for 6 months, extendable for a further 6 subject to credit search, affordability and re-valuation (£120).

Mortgage Declarations / DDM's

Electronic. No paper or wet ink signatures required. DDM goes out with the Mortgage Offer.

Mortgage Declarations / DDM's

Electronic. No paper or wet ink signatures required. DDM is sent out with the Mortgage Offer.

Mortgage / Secured Loan Arrears / Missed or Late Payments

Maximum considered is 2 missed payments in last 24 months with 0 in last 6 months.

Mortgage / Secured Loan Arrears / Missed or Late Payments

Maximum considered is 3 missed payments in last 24 months with 0 in last 6 months.

Mobile Phone/Communications Arrears/Defaults

Applicant can have up to 4 arrears or defaults within the last 24 months, with none above £500 in the last 6 months.

Mobile Phone/Communications Arrears/Defaults

Applicant can have up to 2 arrears or defaults within the last 24 months, with none above £250 in the last 6 months.

Mixed Use Properties / Part Commercial

Not acceptable.

Mixed Use Properties / Part Commercial

Not acceptable.

Missed / Late Payments

Vida Homeloans will accept customers that have adverse credit, the requirements detailed below apply to the standard product range and are the maximum adverse credit per application. Max 3 unsecured missed payments in the last 6 months with a combined value up to £250

Missed / Late Payments

Yes, up to 3 missed unsecured payments in the last six months (for example on credit cards, catalogues and personal loans) up to a combined total of £500.

Mining / Contamination / Subsidence / Landfill

Will not lend where saleability may be adversely affected by local planning or by an unsatisfactory mining report

Mining / Contamination / Subsidence / Landfill

Will not lend where saleability may be adversely affected by local planning or by an unsatisfactory mining report

Minimum Term

5 Years

Minimum Term

5 Years

Minimum Property Value

£50,000 up to 70% LTV. Over 70% LTV, minimum valuation of £70,000 applies. Ex Local authority flats/maisonettes minimum £80,000 outside London, minimum £200,000 in Greater London up to 80% LTV. £100,000 for HMOs, £125,000 for MUBs (£175,000 in London & South East)

Minimum Property Value

£70,000 for all property types. Ex Local authority flats/maisonettes minimum £125,000 outside London, minimum £200,000 in Greater London up to 80% LTV

Minimum Number of Bedrooms

1 bed (including studio flats)

Minimum Number of Bedrooms

1 bed standard BTL's including studio flats. Minimum number of Bedrooms on an HMO is 2.

Minimum Loan Amount

£150,000

Minimum Loan Amount

£150,000

Minimum Income - Interest Only / Part and Part Single Applicant

Vida does not currently offer loans on a Part and Part basis

Minimum Income - Interest Only / Part and Part Single Applicant

Vida does not currently offer loans on a Part and Part basis

Minimum Income - Interest Only / Part and Part Joint Application

Vida does not currently offer loans on a Part and Part basis

Minimum Income - Interest Only / Part and Part Joint Application

Vida does not currently offer loans on a Part and Part basis

Minimum Income - Capital and Interest Repayment Single Applicant

£15,000

Minimum Income - Capital and Interest Repayment Single Applicant

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply, there is no minimum level of income

Minimum Income - Capital and Interest Repayment Joint Application

At least one applicant must earn £15,000

Minimum Income - Capital and Interest Repayment Joint Application

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply, there is no minimum level of income

Minimum Income

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, where there is no minimum income requirement

Minimum Income

At least one applicant must earn £15,000

Minimum Floor Area

Minimum external floor area for studio flats is 35 sqM

Minimum Floor Area

Minimum external floor area for studio flats is 35 sqM

Minimum Age of Second Applicant

21 years

Minimum Age of Second Applicant

18 as long as direct family member. 21 otherwise

Minimum Age at Application

21 years

Minimum Age at Application

21 years

Mileage / Travel Allowance

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB. Top slicing not currently accepted where a FTB or self employed.

Mileage / Travel Allowance

Not acceptable

Maximum Term

40 Years

Maximum Term

40 Years

Maximum Property Value

Yes - up to a maximum loan size of £1.5m

Maximum Property Value

Yes - up to a maximum loan size of £1.5m

Maximum Number of Tenants on One Tenancy Agreement

Up to 4 tenants can be on one tenancy agreement

Maximum Number of Properties

Maximum 20 properties up to a maximum portfolio of £4,000,000 with Vida. No limit on total properties in overall portfolio. If landlord's whole portfolio is four or more properties (regardless of Lender), average maximum LTV is 80%

Maximum Number of Bedrooms non HMO

No restriction on total number of bedrooms unless HMO where limit is 8

Maximum Number of Bedrooms for a HMO

8 bedrooms max for HMO

Maximum Number of Bedrooms

No maximum limit

Maximum Number of Bedrooms

No limit if the house is not an HMO. Maximum of 8 Bedrooms on an HMO.

Maximum Number of Applicants

4 applicants

Maximum Number of Applicants

4 applicants

Maximum LTV on a Re-Sale / Not New Build House

Max LTV 75% on a Re-Sale / Not New Build House

Maximum LTV on a Re-Sale / Not New Build House

Maximum LTV is 80%

Maximum LTV on a Re-Sale / Not New Build Flat / Apartment

Maximum LTV is 85%

Maximum LTV on a Re-Sale / Not New Build Flat / Apartment

Max LTV 85% on a Re-Sale / Not New Build Flat / Apartment

Maximum LTV on a remortgage of a New Build House

Max LTV 75% on a re-mortgage of a New Build House

Maximum LTV on a remortgage of a New Build House

Max LTV of 80% on a remortgage of a New Build House

Maximum LTV on a remortgage for a New Build Flat / Apartment

Max LTV 75% on a remortgage for a New Build Flat / Apartment

Maximum LTV on a remortgage for a New Build Flat / Apartment

Max 80% LTV on a remortgage for a New Build Flat / Apartment

Maximum LTV on a purchase of a New Build House

Max LTV 75% on a purchase of a New Build House

Maximum LTV on a purchase of a New Build House

Maximum LTV is 80%

Maximum LTV on a purchase for a New Build Flat / Apartment

Max 80% LTV for a New Build Flat / Apartment

Maximum LTV on a purchase for a New Build Flat / Apartment

Max LTV 80% on a purchase for a New Build Flat / Apartment

Maximum LTV on a purchase of a New Build House

Maximum LTV is 80%

Maximum LTV on a purchase of a New Build House

Max LTV 80% on a purchase of a New Build House

Maximum LTV on a Re-Sale / Not New Build Flat / Apartment

Maximum LTV is 80%

Maximum LTV for Part Interest Part Repayment

Not applicable - Vida does not currently offer Part and Part loans

Maximum LTV for Part Interest Part Repayment

Vida does not currently offer loans on a Part and Part basis

Maximum LTV for loans up to £250,000

Max LTV 75% for loans up to £250,000

Maximum LTV for loans up to £250,000

Maximum LTV is 80%

Maximum LTV for loans from £750,001 to £1,000,000

Max LTV of 75% for loans from £750,001 to £1,000,000

Maximum LTV for loans from £750,001 to £1,000,000

Max LTV for loans up to £1m is 75%

Maximum LTV for loans from £500,001 to £750,000

Max LTV of 75% for loans from £500,001 to £750,000

Maximum LTV for loans from £500,001 to £750,000

Max LTV for loans up to £750K is 80%

Maximum LTV for loans from £250,001 to £500,000

Max LTV of 75% for loans from £250,001 to £500,000

Maximum LTV for loans from £250,001 to £500,000

Maximum LTV is 80%

Maximum LTV for loans £2,000,001 to £5,000,000

Not applicable - Vida has a max residential loan of £1.5M

Maximum LTV for loans £2,000,001 to £5,000,000

Not applicable - Vida currently lends upto a max £1,5M on a BTL basis

Maximum LTV for loans £1,000,001 to £2,000,000

Vida has a max loan of £1.5M where we will lend 70% including fees

Maximum LTV for loans £1,000,001 to £2,000,000

Vida will lend up to a maximum of £1.5M with a max LTV of 65%

Maximum LTV for Lending into Retirement

Vida does not currently offer loans on a Part and Part basis

Maximum LTV for Interest Only

Interest Only is available up to scheme limits, currently 80%

Maximum LTV for Interest Only

Max LTV for interest Only is 70%

Maximum LTV for First Time Buyers

Max LTV for First Time Buyers is 75%. FTB's will be assessed for affordability on both a residential and BTL basis.

Maximum LTV for First Time Buyers

Maximum LTV is 80%

Maximum LTV for Capital Raising to purchase a Buy to Let

Capital Raising for BTL purchase is available up to remortgage scheme limits, currently 75%

Maximum LTV for Capital Raising to purchase a Buy to Let

Capital Raising to purchase a Buy to Let is available upto scheme limits, currently 80%

Maximum LTV for Capital Raising for Purchase of Land

Capital Raising for Land Purchase is available up to remortgage scheme limits, currently 80%

Maximum LTV for Capital Raising for Purchase of Land

Capital Raising for Purchase of Land is available up to scheme limits, currently 80%