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Residential Products
Get life moving with our Residential product range - effective from 2nd November 2023.
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:
γOur product range
γCustomer credit profiles explained
γKey Residential Criteria
γUseful downloads, guides & links
Standard range
2 year fixed
Standard range - 2 year fixed rate
Available for both purchase and remortgages
| LTV | Tier | Initial rate | Fee | Max loan |
|---|---|---|---|---|
| 75% | Vida 36 | 7.14% | £995 | £2m |
| Vida 24 | 7.34% | |||
| Vida 6 | 7.64% | |||
| 80% | Vida 36 | 7.34% | £995 | £1m |
| Vida 24 | 7.54% | |||
| Vida 6 | 7.79% | |||
| 85% | Vida 36 | 7.79% | £995 | £1m |
| Vida 24 | 7.99% | |||
| Vida 6 | 8.19% |
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
| LTV | Tier | Initial rate | Fee | Max loan |
|---|---|---|---|---|
| 75% | Vida 36 | 6.79% | £995 | £2m |
| Vida 24 | 7.09% | |||
| Vida 6 | 7.29% | |||
| 80% | Vida 36 | 7.09% | £995 | £1m |
| Vida 24 | 7.39% | |||
| Vida 6 | 7.59% | |||
| 85% | Vida 36 | 7.89% | £995 | £1m |
| Vida 24 | 8.09% | |||
| Vida 6 | 8.29% |
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
| LTV | Tier | Initial rate | Fee | Max loan |
|---|---|---|---|---|
| 90% | Vida 36 | 7.49% | £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
| LTV | Tier | Initial rate | Fee | Max loan |
|---|---|---|---|---|
| 75% | Vida 36 | 8.14% | £0 | £2m |
| Vida 24 | 8.34% | |||
| Vida 6 | 8.64% |
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
| LTV | Tier | Initial rate | Fee | Max loan |
|---|---|---|---|---|
| 75% | Vida 36 | 7.24% | £0 | £2m |
| Vida 24 | 7.54% | |||
| Vida 6 | 7.74% |
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
| LTV | Tier | Initial rate | Fee | Max loan |
|---|---|---|---|---|
| 90% | Vida 36 | 7.69% | £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.
| LTV | Tier | Initial rate | Fee | Max loan |
|---|---|---|---|---|
| 75% | Vida 36 | 8.99% (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
| LTV | Tier | Initial rate | Fee | Max loan |
|---|---|---|---|---|
| 75% | Vida 36 | 7.44% | £995 | £2m |
| Vida 24 | 7.59% | |||
| Vida 6 | 7.84% |
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
| LTV | Tier | Initial rate | Fee | Max loan |
|---|---|---|---|---|
| 75% | Vida 36 | 7.54% | £995 | £2m |
| Vida 24 | 7.69% | |||
| Vida 6 | 7.84% |
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%
π Residential Product Guide
Updated November 2nd 2023
π Criteria Guide
Updated November 29th 2023
Customer credit profiles
See where your customer fits within our new Vida tiers.
| Criteria | VIDA 36 | VIDA 24 | VIDA 6 |
|---|---|---|---|
| Months since last default | 0 in 36 | 0 in 24 | 0 in 6 |
| Months since last CCJ | 0 in 36 | 0 in 24 | 0 in 6 |
| Worst status Secured Payments* (months) | 0 in last 36 | 3 in last 24 | |
| Combined value of missed unsecured payments in the last 6 months** | £250 | £500 | |
| Bankruptcy / IVA / DRO / Trust Deed | 3 years + | ||
| Previous reposessions | 6 years + | ||
Vida 36 Months since last default 0 in 36 Months since last CCJ 0 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 Deed 3 years + Previous repossessions 6 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 Deed 3 years + Previous repossessions 6 years + Vida 6 Months since last default 0 in 6 Months since last CCJ 0 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 Deed 3 years + Previous repossessions 6 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 β
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
π Residential Product Guide
Updated November 2nd 2023
π Criteria Guide
Updated November 29th 2023
Downloads, resources & links
