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Residential Products

Get life moving with our Residential product range - effective from 2nd November 2023.

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We can help you get life moving for more specialist Residential mortgage customers
with our flexible criteria, fee free options and fixed or variable rate deals.

 

Residential Product range - jump to a section:

〉Our product range
〉Customer credit profiles explained
〉Key Residential Criteria
〉Useful downloads, guides & links

 

 

Standard range
2 year fixed

Standard range - 2 year fixed rate

Available for both purchase and remortgages

LTVTierInitial rateFeeMax loan
75%Vida 367.14%£995£2m
Vida 247.34%
Vida 67.64%
80%Vida 367.34%£995£1m
Vida 247.54%
Vida 67.79%
85%Vida 367.79%£995£1m
Vida 247.99%
Vida 68.19%

 

Fees

Assessment Fees:

A non-refundable £180 is payable on all applications

Product fees can be added to loan above max LTV except 85%

Standard valuation fees apply

Additional information

Minimum loan £50k

ERCs

4%, 3%

Vida Variable rate (VVR)

7.30% set on 01.09.2023

Revert rate

9.94% (VVR + 2.64%)

5 year fixed

Standard range - 5 year fixed rate

Available for both purchase and remortgages

LTVTierInitial rateFeeMax loan
75%Vida 366.79%£995£2m
Vida 247.09%
Vida 67.29%
80%Vida 367.09%£995£1m
Vida 247.39%
Vida 67.59%
85%Vida 367.89%£995£1m
Vida 248.09%
Vida 68.29%

 

Fees

Assessment Fees:

A non-refundable £180 is payable on all applications

Product fees can be added to loan above max LTV except 85%

Standard valuation fees apply

Additional information

Minimum loan £50k

ERCs


5%, 4%, 3%, 3%, 3%

Vida Variable rate (VVR)

7.30% set on 01.09.2023

Revert rate

9.94% (VVR + 2.64%)

7 year fixed

Standard range - 7 year fixed rate

Available for both purchase and remortgages

LTVTierInitial rateFeeMax loan
90%Vida 367.49%£995£600k

 

Fees

Assessment Fees:

A non-refundable £180 is payable on all applications

£995 product fee can be added to loan above max LTV

Standard valuation fees apply

Additional information

Minimum loan £50k

ERCs


6%, 6%, 5%, 4%, 3%, 2%, 1%

Vida Variable rate (VVR)

7.30% set on 01.09.2023

Revert rate

9.94% (VVR + 2.64%)

 

 

Fee Saver
2 year fixed

Fee saver - 2 year fixed rate

Available for both purchase and remortgages

No assessment fee, free valuation on properties up to £1m and a reduced product fee

LTVTierInitial rateFeeMax loan
75%Vida 368.14%£0£2m
Vida 248.34%
Vida 68.64%

 

Fees

No Assessment Fee payable on Fee Saver Range

One free standard valuation on all properties up to £1m

Standard valuation fees apply on properties valued above £1m

Additional information

Minimum loan £50k

ERCs

2 year 4%, 3%

Vida Variable rate (VVR)

7.30% set on 01.09.2023

Revert rate

9.94% (VVR + 2.64%)

5 year fixed

Fee saver - 5 year fixed rate

Available for both purchase and remortgages

No assessment fee, free valuation on properties up to £1m and a reduced product fee

LTVTierInitial rateFeeMax loan
75%Vida 367.24%£0£2m
Vida 247.54%
Vida 67.74%

 

Fees

No Assessment Fee payable on Fee Saver Range

One free standard valuation on all properties up to £1m

Standard valuation fees apply on properties valued above £1m

Additional information

Minimum loan £50k

ERCs


5%, 4%, 3%, 3%, 3%

Vida Variable rate (VVR)

7.30% set on 01.09.2023

Revert rate

9.94% (VVR + 2.64%)

7 year fixed

Fee saver - 7 year fixed rate

Available for both purchase and remortgages

LTVTierInitial rateFeeMax loan
90%Vida 367.69%£0£600k

 

Fees

Assessment Fees:

One free standard valuation on all properties up to £1m

Standard valuation fees apply on properties valued above £1m

Additional information

Minimum loan £50k

ERCs


6%, 6%, 5%, 4%, 3%, 2%, 1%

Vida Variable rate (VVR)

7.30% set on 01.09.2023

Revert rate

9.94% (VVR + 2.64%)

 

Standard range - Variable rate
2 year variable

Standard range - Variable Rate

Available for both purchase and remortgages.

LTVTierInitial rateFeeMax loan
75%Vida 368.99%
(VVR + 1.69%)
£995£2m

 

Fees

Assessment Fees:

A non-refundable £180 is payable on all applications

£995 product fee can be added to loan above max LTV

Standard valuation fees apply

Additional information

Minimum loan £50k

ERCs

No ERC’s are payable on our variable products

Vida Variable rate (VVR)

7.30% set on 01.09.2023

Revert rate

9.94% (VVR + 2.94%)

 

Right to Buy
2 year fixed

Right to Buy - 2 year fixed

Purchase only applications from Local Authorities for Right to Buy and from Housing Associations for Right to Acquire Available up to lower of 100% of discounted purchase price or 75% of the open market value.

We will need to see:

- Section 125 or RTA 3 from the Local Authority/Housing Association

- Last 12 months rental payments. Any missed rental payments will be treated as missed mortgage payments for tier allocation

LTVTierInitial rateFeeMax loan
75%Vida 367.44%
£995£2m
Vida 247.59%
Vida 67.84%

 

Fees

Assessment Fees:

A non-refundable £180 is payable on all applications

Standard valuation fees apply

Additional information

Minimum loan £50k

ERCs

4%, 3%

Vida Variable rate (VVR)

7.30% set on 01.09.2023

Revert rate

9.94% (VVR + 2.64%)

5 year fixed

Right to Buy - 5 year fixed

Purchase only applications from Local Authorities for Right to Buy and from Housing Associations for Right to Acquire Available up to lower of 100% of discounted purchase price or 75% of the open market value.

We will need to see:

- Section 125 or RTA 3 from the Local Authority/Housing Association

- Last 12 months rental payments. Any missed rental payments will be treated as missed mortgage payments for tier allocation

LTVTierInitial rateFeeMax loan
75%Vida 367.54%
£995£2m
Vida 247.69%
Vida 67.84%

 

Fees

Assessment Fees:

A non-refundable £180 is payable on all applications

Standard valuation fees apply

Additional information

Minimum loan £50k

ERCs


5%, 4%, 3%, 3%, 3%

Vida Variable rate (VVR)

7.30% set on 01.09.2023

Revert rate

9.94% (VVR + 2.64%)

Residential Key Criteria

Number of tiers reduced with additional adverse now allowable

Applicants with Bankruptcy or IVA’s now allowed just 3 years after discharge

Right to Buy range now available

Up to 85% LTV

Acceptable Visas extended with just one years UK residency required

Child Benefit accepted at 100%

🗎 Residential Product Guide
Updated November 2nd 2023

🗎 Criteria Guide
Updated November 29th 2023

 

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Customer credit profiles

See where your customer fits within our new Vida tiers.

CriteriaVIDA 36VIDA 24VIDA 6
Months since last default0 in 360 in 240 in 6
Months since last CCJ0 in 360 in 240 in 6
Worst status Secured Payments* (months)0 in last 363 in last 24
Combined value of missed unsecured payments in the last 6 months**£250£500
Bankruptcy / IVA / DRO / Trust Deed3 years +
Previous reposessions6 years +
  • Vida 36
    Months since last default0 in 36
    Months since last CCJ0 in 36
    Worst Status Secured Payments* (months) 0 in last 36
    Combined value of missed unsecured payments in the last 6 months**£250
    Bankruptcy / IVA / DRO / Trust Deed3 years +
    Previous repossessions6 years +
  • VIDA 24
    Months since last default 0 in 24
    Months since last CCJ 0 in 24
    Worst Status Secured Payments* (months) 3 in last 24
    Combined value of missed unsecured payments in the last 6 months** £500
    Bankruptcy / IVA / DRO / Trust Deed3 years +
    Previous repossessions6 years +
  • Vida 6
    Months since last default0 in 6
    Months since last CCJ0 in 6
    Worst Status Secured Payments* (months) 3 in last 24
    Combined value of missed unsecured payments in the last 6 months**£500
    Bankruptcy / IVA / DRO / Trust Deed3 years +
    Previous repossessions6 years +
    Worst Status Secured Payments* (months) 3 in 24

*All historic secured arrears must have been made up to date for at least 6 months prior to application
**Telecom and Utility missed payments ignored when assessing adverse tier
Debt Management Plan/Debt Arrangement Schemes may be considered at Underwriter discretion - subject to satisfactory affordability and conduct checks.

 

Should your customer have adverse that falls outside of our three credit tiers above, we may still be able to help! Our 15 Packager Partners have access to an exclusive credit tier and products. Find out more here ➜

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Criteria Highlights

 

Impaired and improving credit

Defaults and CCJs considered as long as none in the last 6 months

Mortgage & unsecured arrears considered

Applicants with Bankruptcy or IVA’s now allowed just 3 years after discharge

Self employed

Minimum 1 years trading required

2 years evidence of income required unless only 1 years available due to time trading

Salary, dividends and net profit considered

Accepted across all products

Joint Borrower Sole Proprietor

Up to 4 applicants accepted

All incomes considered in affordability

Parents (including step-parents and parents of a spouse) and children (including step or adopted), siblings, grandparents, aunts, uncles, cousins and nieces/nephews) accepted

Contractor and short work history

48x weekly rate for self employed

Day 1 contractors considered with a minimum 1-years track record of employment within the same line of work

Minimum 3 months remaining on current contract

Contractors of any profession

CIS workers & Umbrella contractors accepted

EU/EEA/Swiss and Foreign nationals

Acceptable Visas:-

• EU/EEA/Swiss with Settled Status
• EU/EEA/Swiss with Pre-Settled Status
• Foreign National with Indefinite Leave to Remain
• Family Visa
• Tier 1 (Entrepreneur Visa only)
• Tier 2 (Skilled Worker)
• UK Ancestry Visa
• British National (Overseas) Visa
• Senior or Specialist Worker visa
• Health and Care Worker Visa

Specialist properties

Ex-Public Sector properties

New Build

Flats above or adjacent to commercial considered

High-rise flats considered with no restrictions on the maximum number of storeys

 

 

 

🗎 Residential Product Guide
Updated November 2nd 2023

🗎 Criteria Guide
Updated November 29th 2023

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Downloads, resources & links

 

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