Vida Homeloans will only accept accounts or accountant certificates from practitioners with one of the following qualifications:

100% of the following additional income can also be included:

• Rental profit
• Income from 2nd jobs providing 12 months' record
• Car, large town, shift, housing allowances
• Court ordered maintenance
• Investment Income (supported by SA302)
• Foster care income
• Income Trust Fund
• Mortgage subsidy

75% of the following additional income can also be included:

• Regular annual bonus, supported by the latest P60 and payslip for the month bonus was paid
• Regular monthly bonus supported by latest P60 and last 3 payslips

50% of the following additional income can also be included:

• Over time or commission
• Non regular bonus, profit related pay
• Universal Credit (not as main income)
• Disability/Carers allowance
• Incapacity Benefit

Vida Homeloans will accept customers that have impaired credit, subject to the limits detailed on the latest Residential product rate sheet, and are the maximum adverse credit per application. The customer will be expected to provide details to Vida Homeloans with regards to the reason for the adverse credit.

If the property was purchased less than 6 months ago, we allow remortgaging out of bridging finance provided by other lenders including the roll up of interest and fees. Capital raising will not be available.

An application where the existing bridging facility or mortgage is provided by a private individual or company connected to the customer(s), is not accepted.

Acceptable providing incentive does not exceed 5% of the purchase price

Suitable buildings insurance must be in place at completion

• For self employed, weekly rate x 46. Satisfactory evidence of contract required.
• Where employer pays both tax and NI, last 3 months payslips and most recent P60 if applicable.

Where paid via umbrella company, last 3 months payslips and most recent P60 if applicable.

• CIS Contractors, average of 3 months income from latest payslips or equivalent

Applications from individuals that are employed on a contract basis are acceptable subject to the following:

• The contract must have a minimum period of six months remaining.
• The customer must have a one-year track record of employment within the same line of work.
• Where the contract has less than six months remaining, confirmation of a new contract must be obtained.




 

We do not accept applications from customers with a criminal record unless the conviction is for a minor traffic offence, or is spent under the Rehabilitation of Offenders Act 1974, as this may have a bearing on their ability or willingness to make payments in the future, or to obtain adequate insurance on the security property.

Available up to 75% LTV excluding fees.

Deposits must be provided from one or a combination of the following:

• The customer’s own funds,
• The remortgage of a property already owned by the customer,
• A gifted deposit from a close relative
• Builder/ Vendor deposit
• Inheritance. If inheritance is to be provided as proof of deposit, a solicitor’s letter shall be required to confirm the source.

Proof of deposit is required in any purchase where the deposit is NOT being funded by use of equity released from the sale of the customer’s current property. Where there is a relationship between the vendor and customer, Vida will always require proof of deposit prior to offer, regardless of the stated source of funds. 

Mortgage payments are to be made monthly by Direct Debit from a UK bank account in the customer’s name. Direct Debit mandates in a limited company name are not acceptable.

Whilst there is no minimum time in current employment, applicants need to provide at least 3 month’s employment history. Vida Homeloans reserves the right to request any additional information or decline an application where it is felt the employment history shows instability of employment. Applicants who are currently under Notice of Termination or Redundancy will not be accepted.

Last 3 months’ payslips & P60. Sufficient evidence must be provided for regular bonuses. Hand-written document and online payslips will be accepted with the corresponding bank statement to show the salary credit being made to the customer. If the customer provides online bank statements, these will need to be verified by the broker.

Houses are considered up to scheme and LTV limits, and flats/maisonettes up to

80% LTV and max loan of £500,000, if:

• There is no outstanding pre-emption requirement to repay a proportion of the discount
• The property is of suitable security and standard construction, and additionally a Wimpey No Fines house (provided it was constructed post 1945 and is not a bungalow) or Laing Easiform house (provided it was constructed post 1965 and is not a bungalow)
• Flats/Maisonettes: minimum property value of £80,000 (£200,000 in Greater London) and for Right to Buy this is at the full market value not the discounted value. Where the block is over 4 storeys in height (ground floor + 3 floors) or with more than 50 units, considered on an individual basis. Balcony access can be accepted

Details of any previous mortgage(s) held or redeemed in the last 12 months will be required. Evidence of the payment performance of the mortgages will be checked, where any current mortgages which do not appear on the credit search, evidence of payment performance will be required in the form of a lender’s statement or reference

Not accepted for Owner Occupied loans

If fees are elected to be added to the loan, completion and electronic transfer fees will be deducted from the funds advanced on completion, unless the customer has positively elected to add the fees to the mortgage amount.

The value of the funds advanced to the customer will be subject to the maximum LTV threshold for the relevant product plus fees where applicable. 

Accepted on all schemes and is defined as a customer who has not previously owned a property with or without a mortgage on that property.

Accepted subject to Valuers comments

LTV's available up to scheme limits. High rise flats must have a lift if over 4 floors (ground floor + 3 floors). No lift is required if the flat is on one of the first three floors above ground, irrespective of the number of floors in the block.

High quality flats over 10 storeys (maximum 20) can be referred for consideration based on valuer’s comments on mortgageability & saleability

Flats situated above or immediately adjacent to commercial premises: Up to 75% LTV
Flats situated above or immediately adjacent to restaurants/takeaways/launderettes: Up to 60% LTV

Free Valuations are available on all HTB products

Accepted from close relatives i.e. parent, child, grandparent, sibling, uncle, aunt, foster parent, legal guardian or step relatives. A letter must be provided by the conveyancing solicitor confirming that the gift is non-repayable and that no charge will be registered on the security property as a result of the gift. Gifted deposit can be for the full deposit amount

Accepted

We accept applications on the Help to Buy London, Help to Buy England, Help to Buy Wales and Help to Buy Scotland shared equity schemes

Available to first time buyers and home movers to assist with the purchase of new build properties

Customers will need to provide a minimum 5% deposit from their own resources  - gifted deposits and the HTB ISA are acceptable

Max LTV 75% (80% in Scotland)

Maximum property value: £600,000 in England, £300,000 in Wales, £200,000 in Scotland

We are able to consider a remortgage transaction where the property was originally purchased on any shared equity Help to Buy scheme

Capital raising is available to staircase the equity loan, ideal for borrowers who can now afford a larger mortgage to reduce the HTB equity loan.

In England and Wales a minimum of 10% must be paid off the equity loan, 5% in Scotland.

Vida suggest a conveyancer is chosen that is familiar with staircasing remortgages to avoid delays

Max LTV 85%

We accept applicants on the Help to Buy Scotland Affordable New Build and Small Development Schemes

Max LTV 80% on purchase

Maximum property value £200,000

Customers will need to provide a minimum 5% deposit from their own resources  - gifted deposits and the HTB ISA are acceptable

Capital raising is available to staircase the equity loan, ideal for borrowers who can now afford a larger mortgage to reduce the HTB equity loan.

A minimum of 5% must be paid off the equity loan.

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 and remortgages across the residential Standard range
• 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 70 years at the end of the term
• Can be combined with a wide range of Vida criteria, including gifted deposits, new build, 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

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

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

Available up to 70% LTV (plus fees) across all tiers.

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: 70):
• £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

If there is Japanese Knotweed present within the boundary of the property or neighbouring properties, the valuer will confirm which of the four categories apply.

• If category 1 applies no report or action is required unless recommended by the valuer.
• If category 2 applies each case will be reviewed on its individual merits, taking into account the valuer’s advice.
• If category 3 or 4 applies Vida Homeloans will not lend within these categories.

It is possible that the valuer may feel that the presence of Japanese Knotweed on the property or neighbouring land (e.g. very close to the boundary) may present such a threat that the subject property is not recommended as a suitable mortgage security. If this is the case the application may be declined.

We do not currently lend in or into retirement. The maximum retirement age for any applicant is 70 years. Plausibility for working to loan maturity should be evidenced in all cases.

Vida Homeloans will lend to customers purchasing a new residential property who are renting out their existing owner-occupied property, providing Vida Homeloans sees a copy of the offer from the lender who is lending on the Buy to Let element.

Vida Homeloans can also lend on both the BTL remortgage and the residential purchase (investor/ non-consumer only).

• The maximum LTV will be based on purchase price or valuation, whichever is the lower, with the exception of mortgages for property purchased at an undervalue.
• The maximum exposure to a single customer is £4,000,000 inclusive of fees.  

Residential applications must be in joint names where a customer is in a legally sanctioned relationship (i.e married or in a civil partnership) or if their partner is providing any monies towards the purchase of the property

Joint owners of a property must both be customers on a remortgage unless there is a matrimonial/ partnership split and the property is being remortgaged to buy out one of the owners.

70 at the end of the mortgage term, for all customers

The maximum loan size is £1,500,000

Maximum mortgage term: 40 years (Capital & Interest), 35 years (Interest Only)

4 where all incomes will be considered

21 for all customers

At least one customer must earn a minimum of £15,000 per annum.

C&I loans minimum of 40 years lease remaining. I/O 70 years remaining

The minimum loan size is £25,000

Minimum mortgage term: 5 years

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

The following types of modern construction are acceptable:

• Panellised Construction Systems Structural Insulated Panels (SIPS).
• Insulating Concrete Formwork (ICF) also known as Permanent Insulated Formwork.

Subject to:

• BOPAS accreditation (no other accreditation will be considered) Eligible for standard buildings insurance cover.
• BPS2020 and UK Agreement certificate preferable for the whole system. 23 Version 1.2 January 2017
• 60 years minimum design life assessment tested by a British accredited body - British Board of Agreement (BBA) Building Research Establishment (BRE).

Where a property has been altered for multi-occupation it must be converted back to single occupation prior to completion and will be subject to re-inspection and the appropriate fee charged.

Properties that include a granny annexe will be considered acceptable providing there is no adverse comment from the valuer.

Vida defines a new build property as one that has never been occupied. Properties in the course of construction and Off Plan will be considered on a ‘finished basis’ valuation with full retention of monies until the property is ready for completion. Offers are valid for 6 months which can be extended for up to a further 6 months on the same product subject to credit search, affordability and re-valuation (£120). Monies will be released following provision of a completion certificate.

• 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
• Local Authority Building Control
• NHBC Certificates
• Premier Guarantee
• Protek
• Q Assure Build Limited
• Zurich Municipal Policy

Security property must be the applicants main or second residence

Anyone aged 17 or over at the time of completion, who is shown on the application to be living in the property and is not a customer on the mortgage, will be required to sign a deed of consent surrendering interest in the security property. 

Not accepted

Not accepted

Electronic ID is used, but where required we may need the following:

• Valid UK Passport
• Valid UK Driving Licence – Photo card (Full or Provisional)
• Valid Non-UK Passport or National ID Card
• HM Forces / Police Warrant Card
• Firearms certificate or shotgun licence - current

• Utility bill not more than 3 months old (internet statements will be considered)
• Valid UK Driving Licence – Photo card (Full or Provisional)
• Bank/Credit Card statements posted to the applicants address showing full name and address
• Latest Council Tax statement
• HM Revenue & Customs correspondence – relating to current tax year
• Latest Mortgage Statement  (internet statements are not accepted)

Standard lending criteria apply to properties up to three acres; providing the customer does not intend to carry out a business from the property and there are no restrictions of the usage of the land including an agricultural occupancy condition being in place.

For properties over three acres, the security can be considered subject to full assessment of the security.

Farms and smallholdings are not acceptable.

Vida Homeloans will require the charge to be registered on the property and all the land; splitting of title to avoid their full registered charge is not acceptable.

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

A purchase transaction involving a property that was previously sold within the last 6 months is not acceptable, however this does not apply when the property is being purchased from a housebuilder that acquired the property in a part- exchange transaction.

Sale and purchase between an individual’s Limited Co, SPV or trading business and the individual (or related party) themselves will not be considered.

Where the purchase price is less than 90% of the Vida valuation and the borrower is buying a property from a close relative, or a  of at least 12 months is buying from their landlord. The mortgage can be up to 75% of the OMV report and up to 95% of the purchase price with the applicant providing at least a 5% deposit. Where the property is being purchased from a family member at a discounted price they may not continue to reside in the property and must relinquish all rights to the property

Vida Homeloans will consider Buy to let mortgages for purchase and re-mortgage of a residential investment property secured by way of a first legal charge.

Vida Homeloans will not consider a property which is being purchased or re-mortgaged through a Property Investment Club or similar

Lending will be considered under the following categories based on Product Loan To Value (LTV) limits:

• Private Individuals
• Corporate - including Limited Companies, Limited Liability Partnerships (LLPs) & Partnerships
• Limited Company (Special Purpose Vehicle (SPV))
• Houses in Multiple Occupancy (HMO)/ Multi Unit Freehold Blocks (MUBs)

The following scenarios are accepted:

• Home improvements or property extension.
• To extend the lease or purchase the freehold (or share of) title of the property.
• Matrimonial settlement or to purchase the equity of another party to the mortgage.
• Payment of university/school fees.
• Consolidation of existing secured or unsecured loans.
• Business purposes if this is not supporting an ailing business.

Whilst consideration will be given for other legal purposes, other than the purchase of a Timeshare, Vida must be fully aware of the actual reason for the capital raising. 

Remortgage is allowed for any legal purpose including; Home Improvements, School Fees, Debt Consolidation, Tax Bills, Deposits for BTL properties, Business purposes (Professional).

Excludes speculative investments, Gambling Debts and purchase of time share

• Capital & Interest Payment (C&I).
• Interest only (IO) up to 70% LTV.

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.

Crown employees, including members of the diplomatic service working overseas will be considered as a UK resident as well as members of the British armed forces stationed overseas.

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 the mortgage based solely on their income. 

The only mortgages that Vida would normally be allowed to remain outstanding are for a second home with the repayment included as a credit commitment or a buy-to-Iet/let to buy property.

Purchase Only. Applications can be considered for the purchase from Local Authorities/Housing Associations of owner-occupied property, up to a maximum of 100% of the discounted purchase price and restricted to 75% of the open market value. Evidence needs to be provided in the form of a Section 125, providing details of the valuation of the property and the discount offered by the public sector entity. Applications submitted under any Voluntary RTB scheme are not permitted.

Self Employed consists of Sole Traders, Partners and Directors of Private/Public Limited Companies or Limited liability companies if their shareholding is 25% or more

Where the customer is self-employed, income should be verified by one of the following:

• One year's accounts (prepared or certified by a qualified accountant); or
• An accountant's reference covering at least the last year; or
• One year's SA302 and tax year overview for sole traders and partners without a suitably qualified accountant.

If the proof of income provided is older than 12 months before the date of the application, the following additional verification is required:

• An accountant’s certificate, verifying there are no material changes in revenue, expenditure, salary and dividends. 
• If an accountant’s certificate is not available, both personal and business bank statements will be required.

Minimum 12 months’ trading period with 1 year’s accounts or SA302 and tax year overview

Consent to lease roof space for the installation of solar panels considered

Freehold & Leasehold

A Transfer of Equity will only be considered once the loan has been completed for more than six months with no arrears on the mortgage account during the last 12 months.

Standard lending criteria will apply to applications, including an affordability assessment

• Properties with Planning Use Classes Order other than C3 (a) (b) (c)
• Property subject to a shared ownership deed
• Property with a pre-emption clause in existence
• Mobile homes
• Houseboats
• Property for letting
• Property licensed as a HMO
• Multi-unit freehold
• Property held on a Common hold basis
• Freehold flat or freehold maisonette
• Property where a flying freehold exists affecting more than 15% of the total floor space
• Property with restrictive covenants or saleability; e.g. Retirement homes/houses or apartments
• Farms, smallholdings or properties with agricultural restrictions in place
• Flats above public houses
• Serviced flat/apartment
• Studio flat and/or flat with a total external floor area of less than 35 square metres
• Flat in a block with more than three floors above ground floor and which does not have a lift. Top floor and attic can be considered as one floor where they are part of the same flat
• Flats or maisonettes in blocks exceeding 20 storeys
• >33% exposure in a block of five flats or more and the same maximum 4 or >33% for houses
• Prefabricated building and unrepaired PRC construction
• Property listed as defective under the 1984 and 1985 Housing Acts unless rebuilt to NHBC standards and with appropriate guarantees. The adjoining properties must also have been repaired to the same standard.
• Wimpey No-Fines (if constructed prior to 1946 or bungalow or flat)
• Laing Easiform construction (if constructed prior to 1966 or bungalow or flat)
• Property where high alumina or Mundic block cement has been used in the construction
• Timber framed property that does not have a brick or "block and rendered" outer skin
• Steel framed constructions except post-1987 construction within BBA or WIMLAS certification
• Property constructed using concrete Large Panel System (LPS)
• Property on which there is a local authority grant outstanding
• Live/work units
• Property with agricultural restrictions
• Property with no kitchen or more than one kitchen (granny annexe accepted providing no tenancies being created)
• Property with no bath/shower room
• Property which has any shared services with any adjoining or adjacent property which does not form part of our security 
• Property where saleability may be adversely affected by local planning or by an unsatisfactory mining report
• Property which has internal door locks and/or separate utility services
• Property which is being bought from the customer’s own limited company
• Property where material environmental hazards are present

Properties that have been underpinned in the last 10 years must have a 10 year guarantee from the company warranting the works completed and this must be placed with the title deeds.

The valuer must also state that there is no sign of new movement.

Vida Homeloans will require the solicitors to confirm in writing, prior to completion, that the building’s insurers are aware of the problem and are willing to cover on normal rates and terms.

Capital raising against an unencumbered property will be classed as a remortgage.

(e.g. credit cards, catalogues and personal loans)

Vida 1: 1 missed payment up to £50 in the last 6 months.

Vida 2: 1 missed payment up to £100 in the last 6 months.

Vida 3: 2 missed payments, none over £150 in the last 6 months.

Vida 4: 3 missed payments up to a combined total of £250 in the last 6 months.

Vida 5: 3 missed payments up to a combined value of £500 in the last 6 months