Mortgages

Vida stops new mortgage lending

Vida is unable to conduct physical valuations and, as a result, is unable to accept any new mortgage applications.

Rozi Jones
|
25th March 2020
barrier warn time delay
"We apologise for any inconvenience this may cause but hope that our intermediaries and their clients understand the issues which we are currently facing"

Vida Homeloans has announced that it will not be accepting "accept any new mortgage applications for the time being" in response to the Covid-19 outbreak.

In a statement, Vida said it is unable to conduct physical valuations due to the pandemic and, as a result, is unable to accept any new mortgage applications.

Any pre-valuation cases will now be withdrawn.

Last week, Vida withdrew its Vida 1, 2 and 3 tiers within its buy-to-let and residential product ranges in response to Covid-19.

Yesterday, specialist lender Together announced that it will not be accepting any new loan applications in light of the Covid-19 pandemic.

A spokesperson from Vida said: “Due to the ongoing volatility and limited access to capital markets funding, Vida Homeloans had already taken proactive steps to protect the long term future of its business, preserve jobs and support existing customers by withdrawing selected new business products from the market.

"As the Covid-19 situation evolves, businesses across the country have had to adapt to the current situation in order to protect the wellbeing of their employees and customers. Vida has been advised by our valuers that, with immediate effect, they are unable to conduct physical valuations.

"This means that any valuation due to be carried out on a current mortgage application will now not take place until further notice. This also means that we are unable to accept any new mortgage applications for the time being. Any pre-valuation cases will now be withdrawn.

"We apologise for any inconvenience this may cause but hope that our intermediaries and their clients understand the issues which we are currently facing in light of unprecedented events and we will keep them updated as the situation changes.”

Related articles
More from Mortgages
Subscribe
to our newsletter

Join a community of over 30,000 intermediaries and keep up-to-date with industry news and upcoming events via our newsletter.