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Vida, the specialist mortgage lender, has today announced a series of significant price cuts to its residential mortgage products. Reductions apply to the lender’s Vida 1, 2 and 3 core residential purchase and remortgage ranges with rate cuts of up to 95bps, making today’s prices some of the most competitive in the specialist market.
The Vida 1 residential range will now start from as low as 3.13% on a 2-year fixed deal at 70% LTV, reduced by 46bps, and 3.49% on a 5-year fixed deal at 70% LTV, reduced by 50bps. The lender has also made a substantial reduction of 95bps to its Vida 1 range for a 5-year fixed rate deal at 80% LTV which now has a rate of 3.94%, making this the cheapest product of its kind in the specialist market.
Other changes to Vida’s residential offering include:
- Rates cut to 3.18% on the Vida 1 range for a 2-year fixed rate deal at 75% LTV, reduced by 74bps, and 3.54% for a 5-year deal at 75% LTV, reduced by 65bps
- Rates on all products in the Vida 2 range have been cut by up to 40bps
- Rates on all products in the Vida 3 range have been cut by up to 25bps
Richard Tugwell, Vida’s new Director of Mortgage Distribution, commented:
“A strong specialist lending sector that offers competitive rates and innovative solutions has never been more important and these rate cuts are just one step towards achieving this. Vida is wholly committed to making continuous refinements to its products and services, so that intermediaries and customers have access to the financial solutions they need to achieve home ownership. I am delighted to be joining such a forward-thinking lender as it gears up for growth.”
The reintroduction of Vida’s residential purchase products, as well as the price cuts to both purchase and remortgage ranges, signals Vida’s ambition to take a greater share of the growing specialist mortgage sector in 2021, catering particularly for those customers whose finances have been affected through no fault of their own.
The specialist lender has also made reductions to its Vida 1 Buy-to-let HMO/MUB range by 20bps at both 70% LTV and 75% LTV. Today’s changes are part of Vida’s continuing commitment to offer mortgage intermediaries a wide range of flexible residential and BTL criteria at competitive rates.
Anth Mooney, Vida CEO, added:
“2020 was an incredibly challenging year for everyone. At Vida we have learned a lot over the past 12 months and we now have the opportunity to improve our competitive position and focus on supporting those underserved borrowers whose circumstances have been exacerbated by the Covid-19 pandemic.
“We have invested in new processes, streamlined the way we underwrite, reduced the documentation requirements for intermediaries and recruited new experienced underwriting resources to ensure that our new business capacity is significantly expanded.”