Updates include higher loan limits, streamlined processes, and reintroduced BTL products
Specialist lender Vida has introduced several changes to its lending criteria and processes, aiming to support more clients and improve the broker application experience.
The announcement follows the company’s recent confirmation that it has received approval from the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) to operate as a fully licensed bank.
One of the key changes is an enhancement to Vida’s affordability model for residential mortgage applications. The update is designed to help more clients secure the loan amounts they need, particularly in regions with higher property prices, such as London and the South East.
“We’re confident our new simplified approach will make a real difference in the amount we are prepared to lend,” said Helen Cawthra (pictured), head of intermediary relationships at Vida. “If brokers have cases they didn’t think we could help with before, we encourage them to try our updated residential affordability calculator on the Vida Homeloans website.”
The lender has also streamlined its deposit evidence requirements for borrowers using personal savings. The changes aim to make the process more efficient, tailoring the documentation required to individual circumstances.
Vida has introduced updates to its buy-to-let (BTL) criteria as well. The maximum loan size for BTL applications has been increased to £2 million for loans up to 75% loan-to-value (LTV) across all credit tiers. This change applies to personal BTLs, special purpose vehicles (SPVs), multi-unit blocks (MUBs), and houses in multiple occupation (HMOs). The new maximum includes any fees added to the loan.
In addition, the lender has relaunched its buy-to-let limited edition five-year fixed products. These products are available at up to 80% LTV, with options for 4% or 6% product fees, suitable for both individual units and HMOs/MUBs.
“By increasing our maximum loan size on buy-to-let to £2 million, we can support brokers working with higher-net-worth clients looking to rent out their properties,” said Ross Williams, head of mortgage product management at Vida.
“We’re also pleased to reintroduce our buy-to-let limited editions to offer more options to landlord clients, particularly those seeking lower monthly payments in exchange for a higher product fee.”
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