Vida Homeloans, the specialist mortgage bank, have launched a brand new range of 97% LTV residential mortgage products.
The new 97% products, called ‘3 & Easy’, are aimed at helping long-term renters and first time buyers to get a foot on the property ladder and begin to move up the chain.
The entire 3 & Easy range is available with all the usual flexible criteria from Vida, and is available to those with an adverse credit history, complex or second job income and the self-employed & contractors.
There is also a potential loan term of up to 45 years, assisting customers even further with affordability.
The range includes 5 and 7-year fixed rate products, giving customers longer-term stability with their monthly payments.
Helen Cawthra, Head of Intermediary Relationships, commented ‘The 3 & Easy range can be game-changing for so many people. From those who feel trapped in rented accommodation to prospective first-time buyers still living with Parents. They now have an option to buy their home sooner, with a smaller deposit of 3%. The products are also ideal for those young families looking to move on in life to a larger property to better suit their needs, without the need for a large deposit or savings.’
Vida has also announced enhancements to the Procuration Fees paid to intermediary partners. Networks and Clubs will now receive 0.70% for new business, Packagers will receive 1.10% and for any Product Transfers, Brokers will receive 0.40%.
Helen commented ‘As a specialist mortgage lender, we understand that cases can be more complex and time-consuming for brokers. So, we always aim to recognise this additional time and effort in the proc fees that we pay’.
Intermediaries interested in the 3 & Easy range can contact the V-Hub to discuss any case or criteria, where as always, they will have direct access to product experts and specialist underwriters.
