It also unveils a new buy-to-let limited edition product
Specialist lender Vida has expanded its residential product range with the introduction of a new seven-year fixed rate deal at 90% loan-to-value (LTV).
The addition of the new product, the lender said, aimed to support those struggling to raise larger deposits or wanting to get the maximum value from their current property, perhaps looking to release capital for home improvements. It added that the option to borrow over a longer initial term also helped those looking for certainty of mortgage payments for a longer period.
Standard and fee saver options are available on the Vida 36 tier with a £600,000 maximum loan size.
Rates are 7.49% with a £995 fee and 7.69% for the Fee Saver, which has no product fee, no assessment fee, and a free valuation.
Alongside the launch of the seven-year residential fix, Vida has also unveiled a new two-year buy-to-let limited edition product at up to 65% LTV and at an initial rate of 6.65%. It is available on Vida 36 for individual units, houses of multiple occupancy (HMOs) and multi-unit blocks (MUBs), and comes with a fixed fee of 2%.
Vida launches seven-year fixed rate at 90% LTV alongside new BTL limited editionhttps://t.co/0TuCkQTjen pic.twitter.com/MEc8W5yZxv
— Vida Homeloans (@VidaHomeloans) November 2, 2023
“At a time when many households are struggling to save due to cost-of-living pressures or high ongoing monthly rent, being able to buy or move with a smaller deposit is an attractive option, especially for first-time buyers,” commented Helen Cawthra (pictured), head of intermediary relationships at Vida Homeloans.
“Similarly, existing homeowners may be looking to avoid the potential cost of moving by making improvements to their existing property. A seven-year product will also give intermediaries more options to discuss with clients who are looking for longer term consistency and peace of mind when it comes to their monthly repayments.”
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