The reductions apply to both two- and five-year products
Specialist lender Vida has announced rate cuts of up to 35 basis points across its buy-to-let and residential product ranges.
The buy-to-let reductions apply to both two- and five-year products, with the largest cuts for houses in multiple occupation, multi-unit blocks, and expatriates. This includes reductions on all fee savers and lower-rate products with a 4% fee.
These products are available for first-time landlords and experienced portfolio landlords, and suitable for individual landlords and limited company SPVs.
Vida’s buy-to-let criteria includes no minimum income requirement, acceptance of specialist properties like flats above or adjacent to commercial spaces, and an interest cover ratio (ICR) of 125% for basic rate taxpayers and SPVs, and 140% for higher rate taxpayers.
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The residential range has also seen rate decreases, particularly on five-year products for applicants with higher levels of adverse credit. Vida’s two-year Right to Buy products have also been reduced.
Vida’s residential criteria allow a maximum age of 80 years at the end of the term and considers terms up to 45 years to help with affordability. The lender also accommodates applicants with adverse credit, second jobs, contractors, complex income, and self-employment.
“These new rate reductions in BTL and residential will help our partners to help more of their customers to secure their specialist mortgage at a lower rate alongside the stability of a five-year fix,” said Helen Cawthra (pictured), head of intermediary relationships at Vida. “Intermediaries can contact the V-Hub to speak with us about any cases to take advantage of these rate reductions.”
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