The new products have lower initial rates and higher product fees
Specialist lender Vida Homeloans has expanded its buy-to-let product range with new limited edition fixed rate products across its standard BTLs and houses in multiple occupation (HMOs).
The lender said the two products have lower initial rates and higher product fees to provide the option for borrowers to maximise loan size and affordability.
The products, available on the Vida 48 tier, offer a 75% loan-to-value (LTV) on a five-year fix with a 3% fee. The standard BTL product has a rate of 5.24% with the HMO product at 5.44%.
🎉NEW🎉Buy to Let Limited Editions now available!
— Vida Homeloans (@VidaHomeloans) February 1, 2023
Up to 75% LTV, 5-year fixed with a 3% product fee
✔ Standard Buy to Let - 5.24%
✔ HMO Buy to Let - 5.44%
For more information or to submit a DIP, visit our website 👉 https://t.co/ZW8QT4B3AL#getlifemoving #limitededitions pic.twitter.com/wIe01MURRt
Vida said the products, being limited edition, have a restricted tranche size and may be withdrawn at very short notice.
Available to first time or portfolio landlords and up to four applicants with combined incomes, the products are suitable for individual landlords, or for Day 1 Limited Company SPVs. These are complimented by Vida’s buy-to-let criteria, such as no minimum income, specialist properties such as flats above or adjacent commercial, and income calculation ratio (ICR) for higher rate taxpayers of 140%.
Belmont Green, the parent company of Vida Homeloans, recently secured a mortgage-backed security, raising £350 million to help strengthen Vida’s funding capacity in support of the lender’s ambitious growth plans.
“As a lending specialist, we are constantly assessing the market, monitoring demand, and looking at ways to support our intermediary partners,” Helen Cawthra (pictured), head of intermediary relationships at Vida Homeloans, said. “These new limited editions will allow a variety of landlords to access products with a lower rate that suits their specialist requirements, with the stability of a five-year fix.
“Intermediaries can speak to us about their buy-to-let cases by contacting the V-Hub, where they can speak with experts and underwriters directly, and be confident in our efficient service levels coupled with dedicated intermediary support.”
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