It also increases procuration fees for intermediary partners
Specialist lender Vida Homeloans has introduced a new range of 97% loan-to-value (LTV) residential mortgage products aimed at supporting first-time buyers and long-term renters in stepping onto the property ladder.
Branded as the 3 & Easy range, the products are designed for borrowers with diverse financial situations, including those with adverse credit histories, self-employed workers, contractors, and individuals with complex or secondary income streams.
The mortgages feature flexible criteria and a potential loan term of up to 45 years to help improve affordability. The range includes five- and seven-year fixed rate options, providing borrowers with longer-term payment stability.
“The 3 & Easy range can be game-changing for so many people,” commented Helen Cawthra (pictured), head of intermediary relationships at Vida Homeloans. “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.”
In addition to launching the 3 & Easy range, Vida has increased its procuration fees for intermediary partners. Networks and clubs will now receive 0.70% on new business, packagers will earn 1.10%, and brokers handling product transfers will receive 0.40%.
“As a specialist mortgage lender, we understand that cases can be more complex and time-consuming for brokers,” Cawthra said. “So, we always aim to recognise this additional time and effort in the proc fees that we pay.”
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