It also reduces a couple of BTL rates
Specialist lender Vida has expanded its residential mortgage offerings with a new limited edition product at 90% loan-to-value (LTV) with a two-year fixed rate.
The new product, available under the Vida 36 credit tier, offers a 7.34% interest rate and is designed to provide flexibility for first-time buyers seeking a shorter fixed-term option. It joins the existing five- and seven-year fixed rate products in Vida’s portfolio and carries a fixed fee of £1,495.
The addition complements Vida’s specialist residential criteria, which cater to borrowers with adverse credit history, complex incomes, second jobs, self-employment, and new build properties. The lender also offers mortgage terms of up to 45 years, with a maximum age of 80 at the end of the term.
In addition to the new product launch, Vida has reduced rates on two of its buy-to-let offerings by 0.33%. Both products are available under the Vida 36 credit tier at up to 75% LTV with five-year fixed rates. The products include a 2% fee option at a 5.46% interest rate and a 4% fee option at a 5.06% interest rate.
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Vida has recently revised its credit tiering criteria, excluding defaults and county court judgments (CCJs) under £250 from product tier allocation. This adjustment aims to make it easier for customers with minor credit issues to secure a mortgage. The enhancement applies to both Vida’s residential and buy-to-let ranges.
“We’re pleased to be able to offer yet another 90% LTV product to our residential range, to support first-time buyers achieve their home-ownership dream,” said Helen Cawthra (pictured), head of intermediary relationships at Vida. “This also gives them the opportunity to gain a longer work history or repair their credit within the two-year fixed rate period.
“Our reduced rate, buy-to-let products will also support landlords and offer stability with the five-year fixed rate and flexibility of two fee options. Brokers should take a look at our Product Switch Hub should have they have any customers coming to the end of their deal looking for a new product or potentially cheaper rate. Intermediaries can contact the V-Hub to discuss any case and take advantage of these rate reductions.”
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