"Britain’s private rented sector plays a critical role for millions of people across the UK, but just like many others, landlords have not been immune from economic impact of Covid-19."
The reductions apply to the lender’s core buy-to-let range, HMO/Multi Unit Blocks, and expat offerings, as well as the Vida Flex product that features three years’ ERCs on a five-year fixed rate.
Vida 1 HMO/MUB rates now start from 3.29% on a two-year fixed deal at 70% LTV, reduced by 40bps, and 3.69% on a five-year fix at 70% LTV, reduced by 30bps.
Rates start from 2.89% on the core Vida 1 range for a two-year fixed rate deal at 70% LTV or 3.29% for a five-year deal, reduced by 10bps.
Expat rates have been reduced by 5bps, with two-year fixed rates at 70% LTV starting from 3.59% and five-year rates from 3.89%.
Vida Flex products now start from 3.64% on a five-year fixed rate at 75% LTV, reduced by 35bps, and 3.99% on a five-year fix at 75% LTV for HMOs, reduced by 20bps.
Louisa Sedgwick, managing director of mortgages at Vida, commented: “Britain’s private rented sector plays a critical role for millions of people across the UK, but just like many others, landlords have not been immune from economic impact of Covid-19. The long-term implications of the pandemic have created a new generation of borrowers with impaired access to credit, and many more landlords will need the support of lenders who can help them despite their complex circumstances.
“A strong specialist lending sector that offers competitive rates and innovative solutions has therefore never been more important. Our rate changes today, as well the development our Vida Flex range, means we are able to provide landlords with greater choice and flexibility so that they can continue to provide housing for those who need or want to rent.”
