It now allows purchase only applications for Right to Buy and Right to Acquire
Specialist lender Vida Homeloans has announced new enhancements to its residential criteria, including Right to Buy and Right to Acquire.
Right to Buy products include two- and five-year fixed options with £0 product fee.
Applications are available up to the lower of 100% of the discounted purchase price or 75% of the open market value.
We now allow purchase only applications from Local Authorities for Right to Buy and from Housing Associations for Right to Acquire.
— Vida Homeloans (@VidaHomeloans) March 23, 2023
Available up to 100% of discounted purchase price and 75% of the open market value, helping more people to find a place to call home. 🏡 pic.twitter.com/NQc6Bxwq4E
Vida’s new Right to Buy products add to a number of recent enhancements to its residential criteria including:
- Minimum loan of £50,000
- Fee-free options
- No maximum limit of storeys in a block of flats considered
- Flats adjacent to commercial properties, with pubs and petrol stations now considered
- Joint Borrower Sole Proprietor extended to a broader range of family members
- Acceptable Visas extended with just one year’s UK residency required
This is supported by the Vida V-Hub team, with underwriters on hand to support brokers and backed up by the new Vida Service Pledge, which promises to refund the £180 application fee if a broker feels they did not receive excellent service from Vida.
“Our aim is to help more people find a place to call home,” remarked Helen Cawthra (pictured), head of intermediary relationships at Vida Homeloans. “We’re pleased to be able to announce the latest enhancements to our residential criteria, which offers additional Right to Buy options for our brokers and their clients.”
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