"We will now fully test the Vida Homeloans second charge mortgage proposition before rolling out further to wider distribution."
During the pilot phase, intermediaries will be required to register on the Vida website before advising on second charge mortgage business and submitting it via CSC Loans or Loans Warehouse.
Residential criteria highlights include impaired and improving credit history (debt management plans considered), short work history, interest-only to 60% LTV to suit later life borrowers, complex income and low credit score. Up to four applicants are accepted, with all incomes considered.
Buy-to-let criteria includes any trading limited companies, HMOs, MUBs, portfolio landlords, new and retired landlords, expats, impaired and repaired credit history and no minimum income. Properties over commercial premises will also be considered.
Vida will offer a fully automated, paperless DIP and application system, including document upload and 24/7 case tracking, and AVMs on BTL and residential property.
Simon Burnell, director of sales - second mortgages, commented: “After building this new proposition for the seconds market, it’s a great feeling to confirm that our pilot has begun. I would like to thank the mortgage intermediaries who have assisted us in this process and we will now fully test the Vida Homeloans second charge mortgage proposition before rolling out further to wider distribution.”
