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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:
Low and varied Deposits
Supporting your first time buyer customers with their new build purchases, we offer up to 85% 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
We get it. All you want is a quick answer when you need it. Call the V-Hub on 03300 246 246 and speak to our experienced team. Monday - Friday: 9am - 5pm.
Offer validity
For New Build and Off Plan, initial offers are valid for 6 months. Extensions can be considered based on currently available products and will be subject to meeting the necessary reassessment criteria.
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:
| Product | Max LTV | Max loan |
|---|---|---|
| Residential New Build Flats | 85% | £1m |
| 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
| Criteria | VIDA 48 | VIDA 36 | VIDA 24 | VIDA 12 | VIDA 6 |
|---|---|---|---|---|---|
| Registered Defaults (months) | 0 in 48 | 0 in 36 | 0 in 24 | 0 in 12 | 0 in 6 |
| Registered CCJs (months) | 0 in 72 | 0 in 36 | 0 in 24 | 0 in 12 | 0 in 6 |
| Value of unsatisfied CCJs | £0 | £0 | £1,000 | £2,500 | £5,000 |
| Missed Mortgage/Secured Payments (months) | 0 in 36 | 0 in 36 | 0 in 12 | 0 in 12 | 0 in 6 |
| Unsecured Arrears | 0 | 1 | 2 | 2 | 3 |
| Unsecured Missed Payments in the last 6 months Combined Value | £0 | £500 | £500 | £500 | £500 |
| Worst Status Secured Payments* (months) | 0 in 36 | 3 in 24 | 3 in 24 | 3 in 24 | 3 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 Arrears 0 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 Arrears 1 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 Arrears 0 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 Arrears 1 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 Arrears 1 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.
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 Build | Application criteria |
|---|---|
| Overpayments | Where ERC’s exist, up to 10% in any year. As no ERC’s on variable products there is no restriction on overpayments |
| Age | 21 years at application and up to 70 years at the end of term |
| Maximum number of applicants | 4 (all incomes considered) |
| Minimum income | One applicant must earn at least £15,000 |
| Minimum loan | £50,000 |
| Maximum loan | £2m up to 75%, £1m up to 85%. Interest only max loan £1m |
| Term | 5-40 years |
| Interest only | Available up to 75% LTV |
| FTBs | Accepted on all products across the full range |
| Locations | Mainland England, Scotland and Wales. Postcode restrictions apply in Scotland |
| Estate Rentcharges | Vida will not lend on freehold properties where exists any estate charge obligations against the purchaser |
New Build Criteria Overpayments Up to 10% in any one year without incurring an ERC Age 21 years at application and up to 70 years at the end of term Maximum number of applicants 4 (all incomes considered) Minimum income One 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 loan 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
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 the V-Hub Team, who will be more than happy to help.
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