Vida, the specialist lender, has announced a number of changes aimed at helping more clients and improving the broker application experience. The announcement comes the day after the company confirmed it has received PRA and FCA authorisation to become a fully licenced bank.
They have enhanced their affordability model for Residential applications, to help more clients get onto the property ladder with the loan amount they need.
Helen Cawthra, Head of Intermediary Relationships at Vida, says “We’re confident our new simplified approach will make a real difference in the amount we are prepared to lend, especially in regions such as London and the South East.
If brokers have cases that they didn’t think we could help with before, we encourage them to try our updated Residential affordability calculator on the Vida Homeloans website.”
Vida have also refined the evidence requirements for customers using personal savings as part of their deposit, streamlining the process and tailoring the evidence required to the individual circumstances of the application.
There are also changes to their Buy to Let criteria, with the maximum loan size for BTL applications increased to £2m for loans up to 75% LTV, across all credit tiers. The new limit applies to all personal BTLs, SPVs, MUBs and HMOs. The new maximum loan size for BTL is inclusive of any fees added to the loan.
Finally, Vida have reintroduced their Buy to Let Limited Edition, 5-year products, up to 80% LTV, with options at both 4% and 6% fees for individual units or HMOs/MUBs.
Ross Williams, Head of Mortgage Product Management at Vida said:
“By increasing our maximum loan size on BTL to £2m, we can support brokers higher net worth clients looking to rent out their property.
"We’re also pleased to be able to reintroduce our Buy to Let Limited Editions, to offer further options to landlord clients, and to suit those who are seeking a lower monthly payment in lieu of a higher product fee.”
