Vida slashes rates on entire portfolio; Virgin Money reprices purchase and remortgage products
Specialist lender Vida Homeloans and high street lender Virgin Money have announced rate reductions across their product ranges, alongside updates aimed at streamlining processes and enhancing customer incentives.
Vida has cut rates on its entire portfolio, with reductions of up to 15 basis points (bps) on residential products and up to 26bps on buy-to-let offerings. Product transfer rates have also been lowered by up to 20bps.
The lender, which recently attained full bank authorisation, has introduced changes to its BTL affordability criteria, including the use of pay rate stress testing for applications without additional borrowing. Interest coverage ratios (ICRs) remain unchanged.
To simplify the broker application process, Vida now allows document certification through digital signatures, expediting the submission process for brokers and clients alike. Brokers can also access tailored support through the V-Hub, where specialist underwriters are available to assist with cases and criteria.
Meanwhile, Virgin Money is also implementing rate reductions, targeting both purchase and remortgage products. Highlights include a 22bps reduction on the 85% loan-to-value (LTV) two-year fixed rate, now priced at 4.75%, and a 21bps reduction on the 85% LTV five-year fixed rate, now at 4.43%.
Rates for shared ownership and Retrofit Boost products have also been reduced by up to 22bps, with some starting as low as 4.24%.
In addition, Virgin Money has extended its Green Reward initiative, which offers £250 cashback to borrowers making qualifying green home improvements. Registration deadlines have been pushed back to June 30, 2025, while claim deadlines now run until December 31, 2025.
The scheme is available to residential and BTL customers undertaking additional borrowing or product transfers with additional borrowing, provided they spend at least £2,500 on eligible energy-efficient upgrades.
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