- Changes to ‘limited edition’ buy to let products
- Price reductions for the standard buy to let product
- Residential help to buy product now available to the whole of market
- Launch of residential products for large loans
Vida, the mortgage lending specialist, has today announced that it is making changes to its limited edition buy to let products. These changes include extending the maximum loan from £750,000 to £1,000,000, providing greater product choice and flexibility to home buyers requiring larger loans. The four products have a competitive fee structure with a fixed fee of just £1,995.
Vida recognises that the need for specialist lending doesn’t finish at lower loan sizes, and borrowers purchasing more expensive homes, and or requiring larger loans, can also have specialist needs which are underserved by the high street. For this reason we have launched both buy to let and residential products aimed at this particular sector.
The lending specialist has also reduced rates across its standard buy to let portfolio range. The 75% LTV rates start at 2.94% when fixed over 2 years, and 3.29% over the 5-year fixed rate products. The 70% LTV product is 3.19% for a 5-year fixed rate.
The help to buy initiative has been a revelation for the UK housing market. It continues to have an important place in assisting new buyers that would otherwise struggle to get onto the housing ladder, into their first homes., After positive feedback from offering our help to buy products as an exclusive proposition, Vida has now made this product available to all intermediaries.
Vida is also launching two new products on its Vida 1 residential range up to 70% LTV, with rates of 2.99% on a 2-year fixed deal and 3.29 fixed for 5 years. Loans start at £750,000 with the maximum loan, £1,500,000.
As a lending specialist who constantly analyses the market, Vida can see that an increasing number of customers have needs best satisfied outside of the high street criteria. Vida has once again ensured that their proposition reflects the needs of their intermediary partners, and their clients, by making their products some of the most competitive in the intermediary market.
These latest offerings follow recent price cuts of up to 0.95% to the lender’s residential purchase mortgage products across its Vida 1, 2 and 3 core residential ranges.
Richard Tugwell, Director of Mortgage Distribution at Vida, commented:
“These changes demonstrate our commitment to both the specialist residential & buy to let sector. We understand that many landlords have experienced issues with fluctuating income during the Covid-19 pandemic. These latest product changes are aimed at supporting them in achieving their portfolio growth and the latest step in our commitment to evolving our offering to open up new opportunities for intermediaries and reinforce our commitment to helping borrowers who are underserved and undervalued by high-street lenders.”