"After 12 months building this new lender, It’s a great feeling to finally tell the market what we have been working on and to confirm that our pre-launch pilot has begun."
Vida Homeloans, the trading name of Belmont Green Finance Limited, was founded by David Tweedy, former Managing Director of Platform Home Loans, and Guy Batchelor, previously Managing Director of Corporate Business at Countrywide.
It gained FCA approval last month and is now undertaking a ‘test and learn’ phase in advance of a wider launch into the market.
The lender will focus on customers that are currently underserved by mainstream UK lenders. Its residential range includes specific products for the self-employed, contractors, short work histories, ‘buy together’ for more than 2 applicants and borrowing in or into retirement.
For buy-to-let, the lender will accept applications from individuals, limited companies and trading partnerships. The criteria will also allow portfolios, houses in multiple occupation, UK expats investing in the UK and a rental top up option, allowing surplus earned income to be used in the rental calculation.
Residential customers and buy-to-let investors who have an impaired but improving credit record will also be considered.
David Tweedy, Chief Executive Officer of Vida Homeloans, said: “Vida Homeloans is 100% committed to serving the intermediary channel. We aspire to become a genuine business partner for intermediaries, providing them with the products and tools they need to write appropriate, profitable business and to help their customers achieve their property dreams.
“There is a significant segment of the market in the UK at the moment that cannot secure a mortgage due to their financial or personal circumstances. These underserved pockets of the UK market often find themselves held back due to their choice of career - especially freelancers and the self-employed, or by a life event or credit impairment. We know there’s demand among the intermediary community to help these customers, and that’s what Vida Homeloans is all about.”
Guy Batchelor, Sales & Marketing Director, added: “After 12 months building this new lender, It’s a great feeling to finally tell the market what we have been working on and to confirm that our pre-launch pilot has begun. I would like to thank the mortgage intermediaries who have assisted us in this process and we’re now looking forward to fully testing the Vida Homeloans proposition in the market before rolling out further to wider distribution over time. We also continue to look at the second charge market and will update our partners in due course.”
