It also announces a number of criteria enhancements
Specialist lender Vida Homeloans has simplified its credit tiers across its residential and buy-to-let offerings.
The lender said the new tiers will help those with historical adverse or minor blips to get the best products and rates available to them.
Anth Mooney (pictured), chief executive at Vida Homeloans said: “As the specialist lender, we recognise that sometimes people have a minor blip or historical adverse, and we want to give these borrowers as good an opportunity as possible to find a place to call home, which is why we have simplified our credit tiers.
“We are always striving to improve our proposition, and in a time of increasing interest rates and high inflation, we want to support people with affordability by increasing the types of income we can accept, alongside other criteria enhancements across residential and buy-to-let.”
Now, there are only three tiers – Vida 36, Vida 24, and Vida 6 – after the lender combined the previous Vida 48 and Vida 36 tiers, supporting borrowers with historical county court judgments (CCJs) or defaults over three years ago.
All customers qualifying for Vida 36 will now be offered Vida’s lowest range of rates even where unsecured payments of up to £250 in total, helping borrowers who, for example, may have missed a store card or car loan repayment but still have a desire to obtain or switch a mortgage.
Less really means more…
— Vida Homeloans (@VidaHomeloans) July 4, 2023
We’ve simplified and enhanced the credit tiers across our Residential and Buy to Let ranges.
There are now just 3 tiers: Vida 36, Vida 24 and Vida 6.
We’ve made a little video all about it… 🎥
For more information, visit https://t.co/mipAyM8Lex pic.twitter.com/LVUI6pNvxy
Vida also announced a raft of criteria changes including child benefit income accepted up to 100% and tips up to 75%, back-to-back remortgages considered within six months, cases considered where evidence of self-employed income is up to 18 months old, and payslips now accepted as evidence of income for contractors working under the Construction Industry Scheme. It also enhanced support for non-standard property types.
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