Rate reductions are made across the lenders' product ranges
Specialist lenders Vida and Bluestone Mortgages have announced rate reductions across their product ranges, aiming to support customers with adverse credit and other non-standard borrowing needs.
Vida has reduced rates by up to 25 basis points (bps) across its buy-to-let products, up to 30bps on residential products, and up to 35bps on its product transfer retention range.
These products are tailored for a variety of borrower profiles, including those with adverse credit histories, complex incomes, and self-employed individuals, as well as first-time buyers and landlords dealing with specialist properties.
Vida also made enhancements to its credit tiering, now ignoring all defaults and county court judgements (CCJs) under £250, easing access for customers with minor credit issues.
Existing Vida customers can benefit from the rate reductions through the Product Switch Hub, which allows them to secure new rates in just 15 clicks if they are in the last six months of their current deal and have no arrears.
“With the recent base rate change, we are delighted that we can bring these price reductions to our partners and customers across our ranges,” said Helen Cawthra (pictured right), head of intermediary relationships at Vida. “Intermediaries can contact the V-Hub to discuss any case and take advantage of these rate reductions.”
Similarly, Bluestone Mortgages has cut rates by up to 40bps across its residential, Right to Buy, and Deposit Unlock products, with rates now starting at 6.34% for a 65% loan-to-value (LTV) deal.
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The updated rates, made available to support a growing number of customers with adverse credit, are now accessible through Bluestone’s Broker Portal.
“Following last week’s base rate announcement and a fall in swap rates, we’re pleased to be able to pass on rate reductions to our customers,” said Mark Hollands (pictured left), head of sales and distribution at Bluestone Mortgages. “These reductions demonstrate our commitment to providing customers who do not fit the traditional lending criteria with the solutions they need to climb onto or up the property ladder.”
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