This website is for intermediaries. Not an intermediary? Visit the customer website

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

Applicants considered where a 2 year track record of sustainable earnings

Zero Hours Contracts

Income and employment details will not generally be requested for self funding BTLs .

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 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 employment details will not generally be requested for self funding BTLs .

Widow's Pension

Accepted at 100%

Widowed Parent Allowance

Not acceptable

Widowed Parent Allowance

Not acceptable

War 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 Buy

Vested Share Income

Vida cannot consider Vested Share Income

Vested 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

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 from with a 1 mile radius 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 £1,000,000. 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 £500

Unsecured 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 basis

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

Vida is unable to consider an underpayment facility

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

Vida is unable to lend on Tyneside Flats / Cross Leases

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 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 fully

Temporary Work / Employment

Applicants considered where a 2 year track record of sustainable earnings

Temporary Work / Employment

Income and employment details will not generally be requested for self funding BTLs .

Teachers / 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 available

Teachers / Supply Teachers

Income and employment details will not generally be requested for self funding BTLs .

Sub-Sales and Reassignment of Sale Contracts

This is not currently offered by Vida Homeloans

Sub-Sales and Reassignment of Sale Contracts

Not acceptable

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 invoices

Subcontractors

Income and employment details will not generally be requested for self funding BTLs .

Sub Letting

Not acceptable

Studio Flats / Apartments

Acceptable. Must be more than 30 SqM internal, 35 SqM external

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

Stipend is not taken into consideration for income by Vida Homeloans

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 employment details will not generally be requested for self funding BTLs .

State Pension Income

Not accepted.

Starter Homes Scheme

Starter Home Initiative not available

Starter Home Initiative

This is not currently offered by Vida Homeloans

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 . SPV must be registered in England, Wales or Scotland.

Splitting of Title Deed

May consider. Please Refer.

Splitting 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 term

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.) 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 assessment

Solar Panels

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

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

All BTLs need to be self funding. Top slicing not currently available

Short 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

This is not currently offered by Vida Homeloans

Short Term Lending

Not acceptable

Shift 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.

Sheltered Accommodation / Retirement Housing

This is not currently offered by Vida Homeloans

Sheltered Accommodation / Retirement Housing

Not acceptable

Shared Ownership Remortgage Staircasing

Shared Ownership schemes not available

Shared Ownership

This is not currently offered by Vida Homeloans

Shared Ownership

Not acceptable

Shared Equity Remortgage Staircasing

Temporarily Withdrawn

Shared Equity

This is not currently offered by Vida Homeloans

Shared Equity

Not acceptable

Serviced Flat / Apartment

This is not currently offered by Vida Homeloans

Serviced Flat / Apartment

Not accepted

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 underwriter

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 48 weeks

Self Employed - Umbrella Companies

All BTL’s need to be self funding. Income details are not required.

Self Employed - Trading History / Years Accounts

2 years evidence of income required, unless only 1 years available due to time trading. Minimum trading period 12 months.

Self Employed - Trading History / Years Accounts

Income and employment details will not generally be requested for self funding BTLs .

Self Employed - Sole Trader

Acceptable sole trader income is taken as the most recent net profit where stable or increasing. Income verified by one of: 2 years accounts (prepared by suitably qualified accountant); an accountants reference covering the last 2 years; OR 2 years SA302s including Tax Year Overviews. If trading less than 2 years will require evidence of income for 1st year and either a projection for current year from a suitably qualified accountant OR latest 3 months business bank statements.

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 profits

Self Employed - Retained Profit in Company

Income and employment details will not generally be requested for self funding BTLs .

Self Employed - Partnerships

Where trading over 2 years we require 2 year's accounts or SA302s and tax year overviews, Acceptable partnership income is taken as the most recent share of partnership profits where stable or increasing If trading less than 2 years will require evidence of income for 1st year and either a projection for current year from a suitably qualified accountant OR latest 3 months business bank statements.

Self 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, 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

Where stable or increasing profits we would usually use the latest year's figures. Where the previous 2 years shows a significant variance we may request information from prior years to enable a better view of the trend to be established

Self Employed - Declining Profits

Income and employment details will not generally be requested for self funding BTLs .

Self Employed - Assessment of Accounts for Affordability

For Limited Company Directors we will use Salary and Dividend income stated within the account, we can only consider Net Profit after Salary amd Dividends have been drawn where the customer owns 100% shareholding and has been trading over 2 years. For Sole Traders / Partners we will use share of Net Profit.

Self Employed - Assessment of Accounts for Affordability

Income and employment details will not generally be requested for self funding BTLs .

Self Employed - 1 Years Accounts

Applications will be accepted as long as there is a minimum of 1 years verified accounts or an Accountants Reference. Where the applicant is a Sole Trader or LLP/Partnership 1 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 SA302 Where trading period is over 2 years 2 years evidence of income will be required.

Self Employed - 1 Years Accounts

Income and employment details will not generally be requested for self funding BTLs .

Self Build / Custom Build

This is not currently offered by Vida Homeloans

Self Build / Custom Build

Not available

SEISS, CBILS or BBLS

"Where the applicant has used any of the Government Financial Support Schemes, (e.g., SEISS, CBILS or BBLS) the proceeds cannot be considered as income or used towards deposit funds. Where the applicant has taken CBILS or BBLS (or any Financial Support scheme which may subsequently replace CBILS or BBLS) the details of the loan must be provided and keyed as a commitment as appropriate.

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

This is not currently offered by Vida Homeloans

Seasonal Employment

This is not currently offered by Vida Homeloans

Seasonal Employment

Not acceptable

Scottish First Home Fund Scheme (SFHFS)

This is not currently offered by Vida Homeloans

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.

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

This is not currently offered by Vida Homeloans

Sale and Rent Back

Not acceptable

Right To Buy / Section 125

This is not currently offered by Vida Homeloans

Right To Buy / Section 125

Not Accepted for BTL - residential only.

Right to Acquire

This is not currently offered by Vida Homeloans

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

This is not currently offered by Vida Homeloans

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 Properties in the Background - Non Professional Landlords

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

Restrictive Covenants

This is not currently offered by Vida Homeloans

Restrictive Covenants

Not acceptable

Residential 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 accounts

Rental Income as Sole Income

Yes - self employed criteria applies

Rental Income as Sole Income

Acceptable

Rental Income as Additional Declared Income

Income and employment details will not generally be requested for self funding BTLs .

Rental Income as Additional Declared Income

Yes assessed at 100%

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 taxpayers

Rent To Buy

This is not currently offered by Vida Homeloans

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. Debt consolidation available up to 85% LTV. Capital Raising excludes business purposes, speculative investments, gambling debts and purchase of time share.

Remortgage Capital Raising Purposes

Remortgage allowed for any legal purpose. Capital Raising excludes 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

This is not currently offered by Vida Homeloans

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.

Reduced Income for a Defined Period

Income and employment details will not generally be requested for self funding BTLs .

Reduced Income for a Defined Period

Please refer for consideration

Reduced Earnings Allowance

Reduced Earnings Allownace is not taken into consideration for income by Vida Homeloans

Reduced Earnings Allowance

Not acceptable

Purchase of Land

This is not currently offered by Vida Homeloans

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

This is not currently offered by Vida Homeloans

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

This is not currently offered by Vida Homeloans

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 Application

Acceptable. Up to 85% LTV. See Criteria Category for LTV's for more information.

Property with Shared Access / Shared Services

This is not currently offered by Vida Homeloans

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

Vida cannot consider a property owned for less than 6 months by Vendor. (The property must be registred under the owners name at Land Registry for a minimum of 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. We are unable to lend where close proximity to a pub

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 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.



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.



Product Split on same Mortgage

This is not currently offered by Vida Homeloans

Product Split on same Mortgage

Not accepted

Probationary Period

Income and employment details will not generally be requested for self funding BTLs .

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 employment details will not generally be requested for self funding BTLs .

Private Pension Income

Accepted at 100% on condition the applicant continues to work. Not accepted if retired.

Price Work

Income and employment details will not generally be requested for self funding BTLs .

Price Work

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

Pre Reinforced Concrete / PRC - Non Standard Construction

This is not currently offered by Vida Homeloans

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

This is not currently offered by Vida Homeloans

Porting

This is not currently offered by Vida Homeloans

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

Not available

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 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

This is not currently offered by Vida Homeloans

Planning Permissions

Not acceptable

Piece Work / Piece Workers

Income and employment details will not generally be requested for self funding BTLs .

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 employment details will not generally be requested for self funding BTLs .

Personal Independence Payment / PIP

Accepted at 50% but assessed on individual basis

Personal Finance for Business Purposes

This is not currently offered by Vida Homeloans

Personal Finance for Business Purposes

Not Acceptable for BTL.

Permanent Health Insurance / PHI

Permanent Health Insurance payments are not taken into consideration for income by Vida Homeloans

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

This is not currently offered by Vida Homeloans

Pension Credit

Not acceptable

Pension Contributions

Income and employment details will not generally be requested for self funding BTLs .

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.

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

This is not currently offered by Vida Homeloans

Part Repayment & Part Interest Only

Not Accepted

Paid In Cash

All BTL’s need to be self funding. Income details are not required.

Paid In Cash

Will consider. Subject to usual underwriting checks.

Overtime

Accepted at 75% and evidenced by last 3 month's payslips and last P60

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

This is not currently offered by Vida Homeloans

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

Acceptable at 100%: regular monthly, quarterly or annual bonuses supported by P60 and payslips; 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. Acceptable at 75%: overtime or commission regular or monthly supported by P60 and relevant payslips. Acceptable at 50%: (not as main source of income) Disability Living Allowance (DLA) / Carer’s Allowance / Industrial Injuries Disablement Benefit (IIDB) / Personal Independence Payment (PIP) / Employment and Support Allowance (ESA) - Income and Contribution / Incapacity Benefit / Armed Forces Independence Payment / Universal Credit / Child Tax Credit / Working Family Tax Credits.

Other Income

Income and employment details will not generally be requested for self funding BTLs .



Offshore Financing

This is not currently offered by Vida Homeloans

Offshore Financing

Not acceptable

Offset Mortgages

This is not currently offered by Vida Homeloans

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

Treated as employed applicants and accepted at 100%. Keyworker range is available, offering 5.5x Loan To income for all applicants

Nursing Bank / Nurses

Income and employment details will not generally be requested for self funding BTLs .

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 mortgage ability & 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

Accepted. All applicants must provide 3 years address history showing at least 2 years continuous UK residency. Foreign nationals must in addition provide evidence of their permanant right to reside in the UK.

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 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 will not generally be requested for self funding BTLs .

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

This is not currently offered by Vida Homeloans

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. 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.

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

Vida's standard offer is 4 months. For New Build and Off Plan, offers are valid for 6 months. Extensions are considered subject to a fresh credit search, affordability assessment and will be based on currently available products

Mortgage Offer Validity

Vida's standard offer is 4 months. For New Build and Off Plan, offers are valid for 6 months. Extensions are considered subject to a fresh credit search, affordability assessment and will be based on currently available products.

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

There is no limit as to the number of mobile phone/Communication Arrears/Defaults as long as there have been 0 in the last 6 months. Please see our Residential Rate Guide for the varying amounts of missed payments available across each of our 5 tiers.

Mobile Phone/Communications Arrears/Defaults

Applicant can have up to 2 arrears or defaults within the last 24 months, with none above £500 in the last 6 months.

Mixed Use Properties / Part Commercial

Not acceptable.

Mixed Use Properties / Part Commercial

Not acceptable.

Missed / Late Payments

Yes, we will consider applicants with varying levels of missed and late payments. Please see our Residential Rate Guide for the varying amounts of missed payments available across each of our 5 tiers.

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 £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

£85,000 for all property types. Ex Local authority flats/maisonettes minimum £95,000 outside London, minimum £200,000 in Greater London up to 80% LTV

Minimum Property Value

Minimum Valuation at 85% LTV is £120,000. Ex Local authority flats/maisonettes in Greater London minimum £200,000 up to 80% LTV. £100,000 for HMOs, £125,000 for MUBs (£175,000 in London & South East)

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

£75,000

Minimum Loan Amount

£100,000

Minimum Income

Income and employment details will not generally be requested for self funding BTLs .

Minimum Income

At least one applicant must earn £15,000

Minimum Floor Area

Minimum internal floor area for studio flats is 30 sqM, 35spM external

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

Mileage/Travel allowance is not taken into consideration for income by Vida Homeloans

Mileage / Travel Allowance

Income and employment details are not relevant for self funding BTLs.

Maximum Term

40 Years

Maximum Term

40 Years

Maximum Property Value

Vida Homeloans has no maximum property value

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 / Loan To Value

85% LTV for Purchase and Remortgage (including FTB's New Build), 80% LTV for ex LA flats, 70% LTV for Interest Only, 75% LTV for flats situated above commercial premises, 60% LTV for flats situated above restaurants/takeaways/launderettes/hairdressers

Maximum Borrowing / Loan Amount

£2m up to 75% LTV, £1m up to 85% LTV

Maximum Borrowing / Loan Amount

£1,000,000 up to 75% LTV

Maximum Age at End of Term / Loan To Age

Applicant’s stated retirement age or age 70, whichever is sooner

Maximum Age at End of Term / Loan To Age

The mortgage term must end before the 85th birthday of oldest applicant

Maximum Age at Application

79 years.

Maximum Age at Application

64 years old

Maternity/Paternity Leave/Pay

Considered on return to work pay supported with a letter from employer confirming date maternity/paternity leave due to end along with terms and salary upon return to work.

Maternity/Paternity Leave/Pay

Income and employment details will not generally be requested for self funding BTLs .

Married Couple Application in One/Single Name

Can be considered although if a remortgage of a property in joint names, we would need to understand why the application was in the sole name

Married Couple Application in One/Single Name

Considered only in exceptional circumstances, i.e. where second applicant doesn't have permanent right to reside and their income is not being used for affordability. Not acceptable if one applicant has a poor credit history.

Mariners / Seafarers / Ships Crew / Captain

Income and employment details will not generally be requested for self funding BTLs .

Mariners / Seafarers / Ships Crew / Captain

Not Accepted

Maintenance - Family Based Arrangement/Not Court Ordered

Not acceptable

Maintenance - Family Based Arrangement/Not Court Ordered

Not accepted

London Weighting / Long Term Large Town Allowance

Income and employment details will not generally be requested for self funding BTLs .

London Weighting / Long Term Large Town Allowance

Accepted at 100%

Lodger / Boarder / Rent a Room

Income and employment details will not generally be requested for self funding BTLs .

Lodger / Boarder / Rent a Room

100% of lodger income taken in to account for remortgages evidenced by last three months bank statements.

Local Authority Grant Scheme

This is not currently offered by Vida Homeloans

Local Authority Grant Scheme

This is not currently offered by Vida Homeloans

Loan to Income Cap / Limit

Each loan needs to pass affordability tests with a general upper limit of 4.5x income. Our Key Worker Scheme however allows a maximum of 5.5x income for eligible occupations.

Loan to Income Cap / Limit

Income and employment details will not generally be requested for self funding BTLs .

Live / Work Units

This is not currently offered by Vida Homeloans

Live / Work Units

This is not currently offered by Vida Homeloans

Limited Company to a Sole Trader - Change of Trading Status

Acceptable and considered a continuation of Trading History. A declining profit may not be acceptable to the underwriter.

Limited Company to a Sole Trader - Change of Trading Status

Acceptable and considered a continuation of Trading History. A declining profit may not be acceptable to the underwriter.

Light Refurbishment

At Underwriter’s discretion. This will be subject to the valuer’s comments, the extent of the works and whether the property will be readily lettable.

Light Refurbishment

Acceptable subject to Valuer's comments.

Let to Buy

We are unable to lend on the onward residential purchase element of a Let to Buy

Let to Buy

Considered. Prior to completion, applicants will need to provide a mortgage offer for their onwards residential purchase. The Remortgage and Purchase must complete simultaneously.

Lending to Trusts / Trustees

This is not currently offered by Vida Homeloans

Lending to Trusts / Trustees

This is not currently offered by Vida Homeloans

Lending to Limited Companies

Applications accepted from SPVs that have been formed for the sole purpose of holding residential Buy to Let properties as assets. Trading limited company lending is not permitted. Please note that the SPV must be registered in England, Wales or Scotland and all directors and all classes of shareholder are required to provide joint and several guarantees. The SPV must not be a holding company or subsidiary, or have any subsidiaries or holding companies. Where lending to an SPV that has taken out a Coronavirus Bounceback Loan or Business interruption loan, this must have been repaid prior to application

Lending to Limited Companies

Limited Company lending is available for BTL only.

LENDING INTO RETIREMENT

Accepted.  Maximum age at end of the mortgage term cannot exceed an applicant’s 85th birthday.

Lending into retirement

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

Lending in Retirement - Applicant Retired at Application

Vida does not currently lend into retirement. The maximum age at the end of term is 70.

Lending in Retirement - Applicant Retired at Application

Accepted - Max age at end of term is 85.

Lender Exposure Limits within a Development / Postcode / Area

Please refer to your Key Account Manager.

Lend in Wales

Yes

Lend in Wales

Yes

Lend in Scotland

Yes - these postcodes are currently acceptable- 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).

Lend in Scotland

Yes - these postcodes are currently acceptable- 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).

Lend in Northern Ireland

This is not currently offered by Vida Homeloans

Lend in Northern Ireland

This is not currently offered by Vida Homeloans

Lend in England

Yes

Lend Against / Finance Purchase of Land

This is not currently offered by Vida Homeloans

Lend Against / Finance Purchase of Land

This is not currently offered by Vida Homeloans

Leasehold Remaining Term

For Capital & Interest loans there must be a minimum of 40 years lease remaining at the end of the mortgage term. Where Interest Only, there must be 70 years remaining.

Leasehold Remaining Term

Capital & Interest loans need a minimum of 40 years lease remaining at the end of the term with Interest Only requiring 70 years remaining.

Leasehold Flat / Apartment where applicant/s own part or all of the Freehold

Please refer to your Key account manager or the TBDM team for further guidance.

Leasehold Flat / Apartment where applicant/s own part or all of the Freehold

Acceptable. Please refer to your Key account manager or the TBDM team.

Large Loans

Individual loans available up to £1,000,000

Large Loans

Loans are available up to £2,000,000. See product rate sheets on website

Landlocked Property / Easements / Rights of Way

This is not currently offered by Vida Homeloans

Landlocked Property / Easements / Rights of Way

Not acceptable

Knock Through to Property Next Door / Renovations

This is not currently offered by Vida Homeloans

Knock Through to Property Next Door / Renovations

This is not currently offered by Vida Homeloans

Kitchens - Number of / More than one

Must have one kitchen with the exception of granny annexe providing no tenancies being created

Kitchens - Number of / More than one

Must have one kitchen with the exception of MUBs 

Key Worker Scheme

Our Key Worker Mortgages are for essential skilled workers employed in the public sector who provide vital community services. Please note that self-employed individuals, contractors and supply staff via agencies do not qualify for our Key Worker Scheme products.

The product range accepts applicants from the Armed Forces (Army, Navy and RAF), Public Sector Teachers (including Primary, Secondary, Sixth Form teachers and College/University lecturers/professors), NHS Clinicians and Nursing staff, Ambulance drivers, Paramedics, Police Officers and Firefighters.

At least one party on the application must be a Key Worker.

Please visit our Residential Rate Guide for more information.

Joint Borrowers / Sole Proprietor

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

Joint Borrowers / Sole Proprietor

Not accepted on Buy to Let

Job Seeker's Allowance

Income and employment details will not generally be requested for self funding BTLs .

Job Seeker's Allowance

Job Seekers allowance is not taken into consideration for income by Vida Homeloans

Japanese Knotweed

If there is Japanese Knotweed present within the boundary of the property or neighbouring properties the valuation report will confirm whether or not the subject property is suitable as mortgage security

Japanese Knotweed

If there is Japanese Knotweed present within the boundary of the property or neighbouring properties the valuation report will confirm whether or not the subject property is suitable as mortgage security

IVA's

Accepted as long as satisfied at least 6 years ago. A full understanding of the circumstances surrounding the cause will be required

IT Contractors

Income and employment details will not generally be requested for self funding BTLs .

IT Contractors

Acceptable as per other standard Contractor terms

Islamic Financing / Sharia Law

This is not currently offered by Vida Homeloans

Islamic Financing / Sharia Law

This is not currently offered by Vida Homeloans

ISA 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.

ISA 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.

Investment Income

Income and employment details will not generally be requested for self funding BTLs .

Investment Income

Accepted at 100% where supported by SA302 and corresponding tax year overview

Interest Only / Repayment Vehicle

Sale of Property is an acceptable form of Repayment Vehicle on Buy To Let Mortgages.  Other repayment vehicles may be considered

Interest Only / Repayment Vehicle

Applicants require a suitable strategy to fully repay the outstanding mortgage balance at the end of the term. Acceptable repayment strategies are: 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‚ sale of the customer's main residence (downsizing). Where downsizing, customers need a minimum amount of equity in the property at the end of the mortgage term in order to repay the mortgage debt and also feasibly purchase another property (Max age: 70, Max LTV: 70%): £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. Other repayment strategies, including sale of other assets and occasional payments from income will be considered. An Interest Only Repayment Strategy Declaration Form will be required which clearly sets out the repayment strategy and amount(s) to be used.

Interest Only

Available on all levels, up to product maximum LTV

Interest Only

Acceptable on all tiers up to 70% LTV

Inherited Properties

Acceptable as long as it has been through Probate. Treated as a Remortgage.

Inherited Properties

Acceptable as long as it has been through Probate. Treated as a Remortgage.

Inheritance as an Interest Only Repayment Vehicle

No. Repayment strategies must be in place on or prior to completion

Industrial Injuries Disablement Benefit

Income and employment details will not generally be requested for self funding BTLs .

Industrial Injuries Disablement Benefit

Accepted - 50%

INDIVIDUAL VOLUNTARY ARRANGEMENT (IVA)

INDIVIDUAL VOLUNTARY ARRANGEMENT (IVA)

Not accepted. Vida requires the IVA to have been discharged over 6 years

Income Support

Income and employment details will not generally be requested for self funding BTLs .

Income Support

Accepted at 50%

Income Multiple - Affordability

Each loan needs to pass affordability tests with a general upper limit of 4.5x income. Our Key Worker Scheme however allows a maximum of 5.5x income for eligible occupations.

Income Multiple - Affordability

Income and employment details will not generally be requested for self funding BTLs .

Income from Trust Funds

Income and employment details will not generally be requested for self funding BTLs .

Income from Trust Funds

Accepted at 100% where supported by SA302 and corresponding tax year overview

In an Arrangement To Pay

Vida will consider Customers currently in DMP at Underwriter discretion subject to satisfactory affordability and conduct checks.

In an Arrangement To Pay

Debt Management Plans accepted as long as being conducted satisfactorily

Housing Benefit

Housing Benefit is not taken into consideration for income by Vida Homeloans

Housing Benefit

Not acceptable

Housing Allowance / Mortgage Subsidy from Employer

Income and employment details will not generally be requested for self funding BTLs .

Housing Allowance / Mortgage Subsidy from Employer

Accepted at 100%

HOUSES OF MULTIPLE OCCUPATION (HMO)

HMO's accepted up to 8 bedrooms. At least one applicant must have 1 years landlord experience. Min Valuation £100,000. Vida solicitors to confirm that if required, any applicable Local Council HMO license is either in force, or applied for. Rental assessment is 130% for BRT's and Limited Companies, 140% for HRT's.

Holiday Lets

This is not currently offered by Vida Homeloans

Holiday Home

No but we will consider capital raising for the purpose of purchasing a holiday home

Higher Lending Charge

Not charged

Higher Lending Charge

Not charged

Help to Buy Equity Loan Scheme (2021-2023)

Vida offers a range of products under the Help to Buy Equity Laon Scheme (2021 - 2023). Please see Help to Buy section in our Residential Rates Guide for further details

Hard Footprint at AIP/DIP Stage

No, soft footprint only

Hard Footprint at AIP/DIP Stage

No, soft footprint only

Guardian's Allowance

We do not accept Guardian Allowance as a source of income for affordability purposes.

Guardian's Allowance

This is not currently offered by Vida Homeloans

Guarantors

This is not currently offered by Vida Homeloans

Guarantors

Guarantors are not accepted, but we offer a joint borrower, sole proprietor product called Helping Hand where parents and children can assist each other to buy a home by joining the mortgage without going on the title deeds. (See Helping Hand criteria for more details.)

Guaranteed Income Payment / Forces

Income and employment details will not generally be requested for self funding BTLs .

Guaranteed Income Payment / Forces

Accepted at 100%

GROUND RENT

Subject to underwriters assessment

Grade 2 Listed Buildings

Accepted

Grade 2 Listed Buildings

Accepted

Grade 1 Listed Buildings

Accepted

Grade 1 Listed Buildings

Accepted

Gifted Deposit Non-Blood Relative

Vida will consider gifted deposits when application is in personal name (not Ltd Co). Gifted deposits are accepted from foster parents, legal guardians or step parents and can be for the full deposit amount.

Gifted Deposit Non-Blood Relative

Gifted Deposits are considered from step relatives, foster parents and legal guardians

Gambling / Gambling Debts

Vida will not provide a remortgage to repay gambling debts.

Gambling / Gambling Debts

Vida will not provide a remortgage to repay gambling debts.

Further Advance

This is not currently offered by Vida Homeloans

Further Advance

This is not currently offered by Vida Homeloans

Full Vacant Possession required on Completion

Full vacant possession must be obtained at completion

Full Vacant Possession required on Completion

Require full vacant possession. If there is a current tenant in the property who will remain upon completion, a current AST must be in place

Freehold Houses with Self Contained Flats

Consideration to granny annexes only will be given as long as the immediate family of the customer will be in occupation and it is acceptable for the type of security and location.

Freehold Houses with Self Contained Flats

Multiunit properties are several properties on one freehold title i.e. a block of flats. MUBs can be considered subject to: Maximum five units‚ Minimum valuation of the whole block £175,000 (London & South East) and £125,000 rest of country‚ Block can only consist of flats i.e. no mixed units‚ Charge to be taken over the whole freehold

Freehold Flats / Maisonettes

Acceptable only where located in Scotland

Freehold Flats / Maisonettes

Acceptable only where located in Scotland

Foster Carer's Allowance

Income and employment details will not generally be requested for self funding BTLs .

Foster Carer's Allowance

To be considered must be declared to HMRC via the submission of a SA302. Elements of this income is tax free (refer to HMRC’s website for up-to-date information) and should be keyed into the tax-free field on eFO. Any taxable income from this source will be shown on the SA302. It will be acceptable to assess foster care income using the filed tax return (in conjunction with the SA302), evidence provided by the local authority or agency covering the last 12 months.

Foreign Currency Mortgage Lending

This is not currently offered by Vida Homeloans

Foreign Currency Mortgage Lending

This is not currently offered by Vida Homeloans

Forces Personnel

Income and employment details are not relevant for self funding BTLs.

Forces Personnel

Acceptable, also accept 100% from Armed Forces compensation scheme.

Forces Help To Buy Scheme

Not currently offered by Vida.

Forced Repossessions / Voluntary Possessions

Not accepted if repossessed in last 6 years.

Forced Repossessions / Voluntary Possessions

Not accepted if repossessed in last 10 years.

Flying Freehold

Accepted as long as flying freehold affects no more than 15% of total floor space.

Flying Freehold

Accepted as long as flying freehold affects no more than 15% of total floor space.

Flats / Apartments with Deck / Balcony Access

Flats with balcony access can be considered.

Flats / Apartments with Deck / Balcony Access

Flats with balcony access can be considered.

Flats / Apartments in Converted Buildings

LTV's available up to scheme limits. High rise flats must have a lift if the property in question is over 4 floors (ground floor + 3 floors). High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuers comments on mortgageability & saleability.

Flats / Apartments in Converted Buildings

LTV's available up to scheme limits. High rise flats must have a lift if over 4 floors (ground floor + 3 floors). High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuers comments on mortgageability & saleability.

Flats / Apartments above Commercial Premises

Flats situated above commercial premises: Max 75% LTV. Flats situated above restaurants, takeaways, dry cleaners, hairdressers, launderettes, tattoo, piercing or nail parlours: Max 60% LTV. We do not consider flats/ apartments above public houses.

Flats / Apartments above Commercial Premises

Flats situated above commercial premises: Max 75% LTV. Flats situated above restaurants, takeaways, dry cleaners, hairdressers, launderettes, tattoo, piercing or nail parlours: Max 60% LTV. We do not consider flats/ apartments above public houses.

Flats / Apartments (Re-sale/Not New Build)

LTV's available up to scheme limits. High rise flats must have a lift if property is located 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. 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.

Flats / Apartments (Re-sale/Not New Build)

Non New Build flats are acceptable at LTVs up to scheme limits. With high rise flats, if the property on which the mortgage is secured is on the 4th floor or above, there must be a lift. High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer 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 - cases can be considered on an individual basis. Balcony access can be accepted.

Flat Roofs

Accepted subject to valuers comments and will be a function of location, value, build quality etc. Flats with 100% flat roofs accepted. For houses, if the property has >25% flat roof it will be down to underwriter discretion whether or not we will proceed.

Flat Roofs

Accepted subject to valuers comments and will be a function of location, value, build quality etc. Flats with 100% flat roofs accepted. For houses, if the property has >25% flat roof it will be down to underwriter discretion whether or not we will proceed.

Fixed Term Contracts - Employed

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. For self employed, weekly rate x48 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. Applicants working in construction under Construction Industry Scheme (CIS) will be treated as self-employed and the relevant income verification will be required. Applicants must have: o Minimum 12 months self-employment. o Provide the latest SA302 and Tax Year Overview (TYO) which will be used to assess income for affordability. o Provide the latest 3 months pay-slips (or equivalent e.g., invoices) required to evidence income is continuing at a similar level.

Fixed Term Contracts - Employed