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Flexible
Lending Criteria
Recent updates
Self-employment has increased significantly since 2008 - now up to around 5 million of the UK work-force. But this growing population is finding it more and more difficult to get a mortgage because of irregular income patterns, especially since 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.
Lending specialists 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 employment details will not generally be requested for self funding BTLs .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 will not generally be requested for self funding BTLs .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 AcceptableWimpey No Fines / Laing Easi Form pre-1945 - Non Standard Construction
Not AcceptableWimpey 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 employment details will not generally be requested for self funding BTLs .Widow's Pension
Accepted at 100%Widowed Parent Allowance
Not acceptableWar Widow(ers) Pension
Income and employment details will not generally be requested for self funding BTLs .War Widow(ers) Pension
Accepted at 100%Voluntary Right to Buy (Housing Association Tenants)
Vida does not currently accept Voluntary Right to BuyVested Share Income
Income and employment details will not generally be requested for self funding BTLs .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
EsurvValuation Type / Definition / Criteria
Yes, eSurv will always make a full internal inspection and drive-by or AVM is not acceptableValuation Type / Definition / Criteria
Yes, eSurv will always make a full internal inspectionValuation 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 in the last six months (for example on credit cards, catalogues and personal loans) up to a combined total of £500 accepted.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 £500Unsecured Loan Arrears
Accepted, up to a maximum of 3 in the last 6 months and up to a combined total of £500.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 employment details will not generally be requested for self funding BTLs .Universal Credit
Accepted at 50% but must not be main source of income but assessed on individual basisUnit 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. Free legals would not be availableUnderpinned 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.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.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 detailsTravel Costs / Rail Cards / Travel Season Tickets
Income and employment details will not generally be requested for self funding BTLs .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 employment details will not generally be requested for self funding BTLs .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 fullyTemporary Work / Employment
Income and employment details will not generally be requested for self funding BTLs .Temporary Work / Employment
Not acceptableTeachers / Supply Teachers
Treated as a Standard Employment for permanent employed Teachers. Can consider Supply Teachers with a long track record. Teachers and Lecturers employed in the public sector may be eligible for our Key Worker Scheme with up to 5.5x Loan to Income availableTeachers / Supply Teachers
Income and employment details will not generally be requested for self funding BTLs .Subcontractors
Acceptable. Day 1 contractors considered with a minimum of 1-years track record of employment within the same line of work. Minimum 3 months remaining on current contract.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. For CIS, last years SA302/Tax Calculations with corresponding TYOs, along with the latest 3 months pay-slips or invoicesSubcontractors
Income and employment details will not generally be requested for self funding BTLs .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 acceptableSteel 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 employment details will not generally be requested for self funding BTLs .State Pension Income
Not accepted.Starter Homes Scheme
Starter Home Initiative not availableSPVs / 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 . SPV must be registered in England, Wales or Scotland.Spousal Maintenance
Not acceptedSplitting of Title Deed
May consider. Please Refer.Special Duties Allowance
Income and employment details will not generally be requested for self funding BTLs .Special Duties Allowance
Yes, providing it is available throughout the mortgage termSolicitors / 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.) Visit Conveyancing to see our Conveyancer panel.Visit 'Conveyancing' in the left-hand menu to see our Conveyancer panel.
Solicitors / Conveyancers
Yes providing the solicitor is on our panel. Visit Conveyancing to see our Conveyancer panel.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 assessmentSolar Panels
YesSoft Footprint at AIP/DIP Stage
Yes, soft foot print onlyShortfall in Rental Calculation / Top Slicing / Personal Income Affordability
All BTLs need to be self funding. Top slicing not currently availableShort Term Renewable Contracts
Day 1 contractors considered with a minimum of 1-years track record of employment within the same line of work. Minimum 3 months remaining on current contract.Short Term Renewable Contracts
Income and employment details will not generally be requested for self funding BTLs .Short Term Lending
Not acceptableShift Allowance / Unsociable Hours
Income and employment details will not generally be requested for self funding BTLs .Shift Allowance / Unsociable Hours
100% of Shift Allowance or Unsociable House payment is accepted.Shared Ownership Remortgage Staircasing
Shared Ownership schemes not availableShared Ownership
Not acceptableShared Equity
Not acceptableService / Ground Rent / Maintenance Costs
Income and employment details will not generally be requested for self funding BTLs .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 will not generally be requested for self funding BTLs .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 underwriterSelf 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 48 weeksSelf Employed - Umbrella Companies
All BTL’s need to be self funding. Income details are not required.Self Employed - Trading History / Years Accounts
Two year's accounts or SA302s and tax year overviews.Self Employed - Trading History / Years Accounts
Income and employment details will not generally be requested for self funding BTLs .Self Employed - Sole Trader
Sole traders require 2 year's accounts or SA302's and tax year overviews. Acceptable sole trader income is taken as the most recent net profit where stable or increasing. Income verified by one of : two years accounts (prepared by certified or qualified accountant); an accountants reference covering the last 2 years; or SA302 including tax year overview.Self Employed - Sole Trader
Income and employment details will not generally be requested for self funding BTLs .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 2 years accounts will need to show stable or improving business profitsSelf Employed - Retained Profit in Company
Income and employment details will not generally be requested for self funding BTLs .Self Employed - Partnerships
Vida requires 2 year's accounts or SA302s and tax year overviews. Acceptable partnership income is taken as the most recent share of partnership profit where stable or increasingSelf Employed - Partnerships
Income and employment details will not generally be requested for self funding BTLs .Self Employed - Limited Liability Partnerships / LLP's
Income and employment details will not generally be requested for self funding BTLs .Self Employed - Limited Liability Partnerships / LLP's
Yes, acceptedSelf Employed - Director / Percentage Share of Business
Once an applicant reaches a 25% shareholding they will be considered self employedSelf Employed - Director / Percentage Share of Business
Once an applicant reaches a 25% shareholding they will be considered self employedSelf Employed - Director / Limited Company
Once an applicant reaches a 25% shareholding they will be considered self employedSelf 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 companySelf Employed - Declining Profits
Income and employment details will not generally be requested for self funding BTLs .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
Where self employed, income is verified using one of:- Two year's accounts (2 year's verified accounts or SA302’s and Tax Year Overviews), an accountant's reference covering at least two years. 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 - Assessment of Accounts for Affordability
Income and employment details will not generally be requested for self funding BTLs .Self Employed - 2 Years Accounts
Applications will be accepted as long as there is a minimum of two years verified accounts or an Accountants Reference. Where the applicant is a Sole Trader or LLP/Partnership 2 years SA302’s and Tax Year Overviews will be acceptable. All self-employed income will be verified by accounts that must be certified by a qualified accountant or where applicable the SA302Self Employed - 1 Years Accounts
Income and employment details will not generally be requested for self funding BTLs .Self Build / Custom Build
Not accepted.SEISS, CBILS or BBLS
Vida Homeloans will only consider self-employed applcants operating a business that is actively trading/has returned to work. Where the applciant has used any of the Government Financial Support Schemes (eg SEISS, CBILS or BBLS) the proceeds cannot be considered as income.Second Job / Additional Employment
Up to 100% of income from second jobs accepted, providing a 3 month record can be demonstrated.Second Job / Additional Employment
Income and employment details will not generally be requested for self funding BTLs .Second Home / Property / Pied a Terre
Not acceptableSeasonal Employment
Not acceptableScottish First Home Fund Scheme (SFHFS)
School Fees
Income and employment details will not generally be requested for self funding BTLs .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
AcceptableSale 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 acceptedRight To Buy / Section 125
Temporarily unavailableRight To Buy / Section 125
Not Accepted for BTL - residential only.Retentions Full / Partial
Partial retentions not acceptable. Assessed on current valuation. Full retentions are required where substantial work is necessary on the subject propertyRetentions Full / Partial
Partial retentions not acceptable. Assessed on current valuation. Full retentions are required where substantial work is necessary on the subject propertyRetained / Additional Properties in the Background - Non Professional Landlords
Acceptable. Full property details will need to be supplied at application for considerationResidential Mortgage in the Background / To Remain
Considered. Prior to completion, applicants will need to provide a mortgage offer for their onwards residential purchase. The Remortgage and Purchase must complete simultaneously.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 will not generally be requested for self funding BTLs .Rental Income as Sole/Additional Declared Income
100% Accepted as long as supported by SA302 & Tax Year Overview, accountants certificate or financial accountsRental Income as Additional Declared Income
Income and employment details will not generally be requested for self funding BTLs .Rental Calculation / Stress Test / Interest Cover Ratio (ICR)
ICR at 125% for Basic Rate taxpayers and SPV's. This increases to 130% for HMOs and 140% for Higher Rate taxpayersRent To Buy
Not acceptableRent 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 shareRemortgage Applications
Remortgage allowed for any legal purpose and up to scheme limits. Excludes business purposes, speculative investments, Gambling Debts and the purchase of time shareRemortgage - Transfer of Equity
Acceptable. Solicitor will be required to confirm details of the transferRemortgage - Transfer of Equity
Acceptable. Solicitor will be required to confirm details of the transferRemortgage - Rental Calculation Pound for Pound
Rental income must meet our interest coverage requirements for the advance requestedRe-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 moniesRe-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 moniesRegulated 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 acceptedReduced Income for a Defined Period
Income and employment details will not generally be requested for self funding BTLs .Reduced Earnings Allowance
Not acceptablePurchase of Land
Not acceptablePurchase of Adjoining Property
Yes but both properties must be single dwelling units and there can be no shared services other than a cesspitPurchase of Adjoining Property
Yes but both properties must be single dwelling units and there can be no shared services other than a cesspitPurchase from Own/Family's Limited Company
Not acceptablePurchase from a Limited Company
Vida will not accept property which is being bought from customers own limited companyPurchase from a Limited Company
Vida can accept a purchase application from a limited companyPurchase 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 85% LTV. See Criteria Category for LTV's for more information.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 monthsProperty owned for less than 6 months by Vendor
Not accepted. The owner must have been registered longer than 6 monthsProperty Management / Letting Agent/Agency
No requirement for a management Agent to be appointed. Vida accept Applicants who self-manage their propertiesProperty 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 securityProperty close to / on Landfill
Vida cannot accept as suitable securityProperty affected by Subsidence
Vida cannot accept as suitable securityProperty affected by Subsidence
Vida cannot accept as suitable securityProperty affected by Mining / Close to Mineshaft
Will not lend where saleability may be adversely affected by local planning or by an unsatisfactory mining reportProperty affected by Mining / Close to Mineshaft
Will not lend where saleability may be adversely affected by local planning or by an unsatisfactory mining reportProperty affected by Contamination
Vida cannot accept as suitable securityProperty affected by Contamination
Vida cannot accept as suitable securityProperty / 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 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% LTVProperties 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% LTVProof 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 licenceProof 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 licenceProof 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 propertyProfessions / Professional Specialist Range / Criteria
Income and employment details will not generally be requested for self funding BTLs .Professions / Professional Specialist Range / Criteria
No specialist criteria, treated as any other applicant.Professional Sports People
Income and employment details will not generally be requested for self funding BTLs .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
Yes we offer Product Switch. If the clients introductory rate has already expired, or is due to expire within the next 6 months, they are eligible to switch to a new product providing they meet the following criteria:
They must be up to date with payments and must have not missed a payment in the last 3 months. This must be true when they accept the offer, and on the switch date.
Their remaining mortgage term must be greater than the fixed period of your new product + 6 months. For example, they must have at least 2 years and 7 months left on their current mortgage term to be eligible for a 2 year fixed product, and at least 5 years and 7 months left on their current mortgage term to be eligible for a 5 year fixed product.