Vida Homeloanshas rolledoutdistribution of its second charge mortgage rangethrough a number of master brokers.
Vida Homeloanshas rolledoutdistribution of its second charge mortgage rangethrough a number of master brokers.
The master brokers include: Loans Warehouse, CSC Loans, Positive Lending, Brightstar, Specialist Finance, Complete FS, Loan.co.uk and Promise Solutions.
In response to market feedback, Vida has also launched online affordability calculators for bothresidentialand buy-to-letsecond charge mortgages.
Intermediaries can work out what Vidacan lendon a residential or BTL property without having to register with Vida or log into its processing system.
Simon Burnell, director of sales - second mortgages, said: “After piloting this new proposition for the seconds market with key partners, it’s a great feeling to start widening our presence in the market.
“I would like to thank Loans Warehouse, CSC Loans and Positive Lending for their assistance and support so far and welcome Brightstar, Complete FS, Loan.co.uk, Specialist Finance and Promise Solutions to the Vida distribution panel.”
Vida has developed second charge mortgage solutions for the intermediary market by focussing on residential and buy-to-let customers that are currently underserved by mainstream UK lenders. Rates start at 4.60%.
Residential criteria highlights include impaired and improving credit history (debt management plans considered), short work history, interest-only to 60% LTV to suit later life borrowers, complex income and low credit score.Up to four applicants are accepted, with all incomes considered.
Buy-to-let criteria include any trading limited companies, HMOs, MUBs, portfolio landlords, new and retired landlords, expats, impaired and repaired credit history and no minimum income. Properties over commercial premises will be considered.
Vida has brought its modern technology platform to second charge mortgage lending, using a fully automated, paperless DIP and application system, including document upload and 24/7 case tracking, and AVMs on BTL and residential property.
Intermediaries are required to register onVida’swebsitebefore advising on second charge mortgage business and submitting it via one ofthemaster brokers.
