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New Build Hub


Welcome to our New Build Hub where you can find all the information, top tips and guides you need to get life moving for your next New Build customer.

Download the New Build Guide ⬇
Download the New Build Application Checklist ⬇

 

Why choose Vida

We understand that new build properties present an opportunity for people to get onto the housing ladder, through the use of schemes, builder incentives and the ease of moving into a brand-new property that doesn’t require renovation.

Get life moving for more New Build clients, with:

 
Fee Saver and Flex options

We have some extra product options to consider when purchasing a residential new build, including our Fee Saver option, with £0 product fees, one free valuation for properties up to £500,000 and a £250 contribution towards legal costs. Our Flex range is available on a 5 year term, with a 3 year ERC and a product fee of £1,495.

 
Low and varied Deposits

Supporting your first time buyer customers with their new build purchases, we offer up to 90% LTV, as well as considering Gifted Deposits, Builders deposits up to 5% of the purchase price and Director’s loans for self-employed applicants.

 
Experience and support

Our new build sales manager, Stacey Wood, and our experienced team, can support you with your new build cases.

 
Help to Buy Scheme

We allow applications from those looking to use the Help to Buy Government Scheme, in London, England and Wales up to 75% LTV. Including one free valuation for all qualifying properties.

 
Offer validity

We offer a 6-month offer validity on new build property purchases with a £120 valuation fee. A further 6-month extension can also be considered alongside a £120 re-valuation fee.

 
Key Worker Mortgages

Our Key Worker Mortgages are for essential skilled workers employed in the public sector who provide vital community services.

 

 

New Build products and credit profiles

The specialist new build sector is growing, and we can help your new build clients that have complex incomes, being self-employed or contractors, those who may have had a credit blip, such as a missed payment or CCJ.

Loan to Value for Residential New Build:

ProductMax LTVMax loan
Residential New Build Flats90%£600,000
Residential New Build Houses

 

We can also offer larger loans of up to £2m at lower LTVs. Head on over to our Residential Product page for full product information.

 

See where your New Build customer fits within our Vida tiers

CriteriaVIDA 48VIDA 36VIDA 24VIDA 12VIDA 6
Registered Defaults (months)0 in 480 in 360 in 240 in 120 in 6
Registered CCJs (months)0 in 720 in 360 in 240 in 120 in 6
Value of unsatisfied CCJs£0£0£1,000£2,500£5,000
Missed Mortgage/Secured Payments (months)0 in 360 in 360 in 120 in 120 in 6
Unsecured Arrears01223
Unsecured Missed Payments in the last 6 months Combined Value£0£500£500£500£500
Worst Status Secured Payments* (months) 0 in 363 in 243 in 243 in 243 in 24
  • Vida 48
    Registered Defaults (months)0 in 48
    Registered CCJs (months)0 in 72
    Value of unsatisfied CCJs£0
    Missed Mortgage/Secured Payments (months)0 in 36
    Unsecured Arrears0
    Unsecured Missed Payments in the last 6 months Combined Value£0
    Worst Status Secured Payments* (months) 0 in 36
  • VIDA 36
    Registered Defaults (months) 0 in 36
    Registered CCJs (months) 0 in 36
    Value of unsatisfied CCJs£0
    Missed Mortgage/Secured Payments (months) 0 in 36
    Unsecured Arrears1
    Unsecured Missed Payments in the last 6 months Combined Value£500
    Worst Status Secured Payments* (months) 3 in 24
  • Vida 24
    Registered Defaults (months)0 in 48
    Registered CCJs (months)0 in 72
    Value of unsatisfied CCJs£0
    Missed Mortgage/Secured Payments (months)0 in 36
    Unsecured Arrears0
    Unsecured Missed Payments in the last 6 months Combined Value£0
    Worst Status Secured Payments* (months) 0 in 36
  • VIDA 12
    Registered Defaults (months) 0 in 36
    Registered CCJs (months) 0 in 36
    Value of unsatisfied CCJs£0
    Missed Mortgage/Secured Payments (months) 0 in 36
    Unsecured Arrears1
    Unsecured Missed Payments in the last 6 months Combined Value£500
    Worst Status Secured Payments* (months) 3 in 24
  • VIDA 6
    Registered Defaults (months) 0 in 36
    Registered CCJs (months) 0 in 36
    Value of unsatisfied CCJs£0
    Missed Mortgage/Secured Payments (months) 0 in 36
    Unsecured Arrears1
    Unsecured Missed Payments in the last 6 months Combined Value£500
    Worst Status Secured Payments* (months) 3 in 24

*All historic secured arrears must have been paid up to date for at least 6 months prior to application
Debt Management Plan/Debt Arrangement Schemes may be considered at Underwriter discretion - subject to satisfactory affordability and conduct checks.
Bankruptcy/IVA/DRO/Trust Deed discharged over 6 years.
Previous Repossession in last 10 years not acceptable.

 

 

New Build criteria

At Vida, we want to do everything we can to support you and your clients on their new build journey.

Here’s some of our key New Build criteria:

New BuildApplication criteria
OverpaymentsUp to 10% in any one year without incurring an ERC
Age21 years at application and up to 70 years at the end of term
Maximum number of applicants4 (all incomes considered)
Minimum incomeOne applicant must earn at least £15,000
Minimum loan£75,000
Maximum loan £2m up to 75%, £1m up to 85%, £600k to 90%. Interest only max loan £1m
Term 5-40 years
Interest only Available up to 70% LTV
FTBs Accepted on all products across the full range
Locations Mainland England, Scotland and Wales. Postcode restrictions apply in Scotland
  • New Build Criteria
    OverpaymentsUp to 10% in any one year without incurring an ERC
    Age21 years at application and up to 70 years at the end of term
    Maximum number of applicants4 (all incomes considered)
    Minimum incomeOne applicant must earn at least £15,000
    Minimum loan£100,000
    Maximum loan£1.5m up to 70%, £1m up to 75%, £750k to 80%, £500k to 85%, £400k to 90%
    Term£1.5m up to 70%, £1m up to 75%, £750k to 80%, £500k to 85%, £400k to 90%
    Maximum loan5-40 years
    Interest onlyAvailable up to 70% LTV
    FTBsAccepted on all products across the full range
    LocationsMainland England, Scotland and Wales. Postcode restrictions apply in Scotland

 

 

Help to Buy
Criteria and regional price caps

We will accept applications on the Help to Buy England and Wales shared equity schemes for the purchase of new build properties. For full details on Help to Buy, please download our Help to Buy Guide

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 UK Finance Disclosure Form which can be split i.e. 2.5% Builder Gifted Deposit and 2.5% Cash or other incentives.

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.

Offer validity

Valuation can be off plan. Initial offer is for 6 months and extendable for a further 6 months on the same product, subject to credit search, affordability and re-valuation (£120).

New build warranties/warranty providers

Must hold an acceptable warranty from one of the following (not exhaustive): Advantage/Advantage HCI‚ Aedis Warranties Limited‚ 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 apartments/flats

New build apartments and flats are accepted up to scheme limits. New Build is defined as a property that has never been occupied and carries a suitable NHBC warranty. High rise flats must have a lift if situated above 4th floor (ground floor + 3 floors). High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer’s comments on mortgageability & saleability.

HTB England: Price cap for Help to Buy Homes

 

Eligible first time buyers can borrow an equity of up to 20% or up to 40% in London, of the purchase cost of a new build home. Customers will need to provide a minimum 5% deposit from their own resources.

HTB Wales

For both FTB and Homemovers purchasing a new build property
Maximum property valuation £250,000

 

Let's Get Life Moving

With new build purchases, time is of the essence. We understand that every mortgage lender has its own processes and individual requirements, and we can understand it can be very confusing, and at times, frustrating. But, the more we can see at the start of the application, the better it is for you as we will be able to provide a quicker lending decision.

Join our exclusive New Build Panel

If you're interested in learning more about our exclusive New Build Panel, please get in touch with our New Build expert, Stacey Wood, who will be more than happy to help.

stacey.wood@vidahomeloans.co.uk

Read Stacey's latest New Build article

Landlords Adapt To New Builds - read more...

 

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