Vida, the specialist mortgage lender, has today announced the introduction of a limited edition 85% LTV 2-year and 5-year fixed rates to its Vida 1 residential range, providing greater product choice to home buyers with smaller deposits. Rates are 4.09% on a 2-year fixed deal and 4.24% on a 5-year fix, with a maximum loan size of £500,000, available for purchase and remortgage.
The lender is also launching new fee saver products on its Vida 1 residential range up to 70% LTV, with rates of 3.59% on a 2-year fixed deal and 3.74% fixed for 5 years Available on both a purchase and remortgage basis, the new fee saver products will have no product fee and a £49 assessment fee, with a maximum loan size of £350,000 and a free valuation for all properties up to the value of £500,000. Customers will also be entitled to £200 refunded upon completion to contribute towards legal costs, meaning homeowners can benefit further from reduced home purchasing costs.
These latest offerings follow recent price cuts of up to 95bps to the lender’s residential purchase mortgage products across its Vida 1, 2 and 3 core residential ranges, making its products some of the most competitive in the specialist market.
Richard Tugwell, Director of Mortgage Distribution at Vida, commented:
“Although there are reasons for optimism, the Covid-19 pandemic has had a huge impact on the financial circumstances of millions of people across the UK. The long-term implications of the crisis mean there is a new generation of borrowers with impaired access to credit who will need the support of specialist lenders to help them despite their complex situations.
“At Vida, we’re committed to continually enhancing our offering to provide these borrowers with greater choice and flexibility and to help them find a safe place to call home. Our new product launches today are another step in achieving this, and we’re confident that these offerings are a great solution to help borrowers who have smaller deposits or who find that the costs associated with home buying restrict their home ownership plans.”