Vida enhances buy-to-let range with new products and improved criteria

Buy-to-let rates have reduced by up to 0.35%.

Related topics:  Mortgages,  Buy-to-let
Rozi Jones | Editor, Barcadia Media Limited
10th July 2024
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"By disregarding any defaults or CCJs under £250 as part of our credit tiering, we can help those individuals who may have had a small, historic credit blip to get a mortgage."
- Helen Cawthra, head of intermediary relationships at Vida

Vida has reduced rates across its buy-to-let range, alongside the launch of new limited edition products and enhanced adverse credit tiering.

Vida has reduced rates across its buy-to-let range by up to 0.35% and on its product transfer range by 0.20%.

The lender has also launched new limited edition buy-to-let products for individual dwellings or for HMOs/multi unit blocks. The two-year fixed rates have a minimum loan size of £200,000 and a £4,995 fixed-fee available at 75% LTV.

Appropriate for first-time landlords through to experienced portfolio landlords, the products are suitable for both individual landlords and limited company SPVs. Vida's buy-to-let criteria features no minimum income, specialist properties such as flats above/adjacent commercial, and an interest cover ratio (ICR) of 125% for basic rate taxpayers and SPVs and 140% for higher rate taxpayers.

In addition to the new and reduced products, Vida has made further enhancements to its credit tiering. All defaults and CCJs are now ignored if they are under £250, making it easier for customers with smaller credit blips to get a mortgage. This adverse criteria enhancement applies to both Vida’s residential and buy-to-let ranges.

Helen Cawthra, head of intermediary relationships at Vida, said: “These new rate reductions will help our partners to help more of their customers to secure their specialist mortgage at a lower rate. The new limited editions will allow a variety of landlords to access products with a lower rate that suits their specialist requirements, with the flexibility of a two-year fix and lower monthly payment for improved stress-testing.

"Additionally, by disregarding any defaults or CCJs under £250 as part of our credit tiering, we can help those individuals who may have had a small, historic credit blip to get a mortgage and find a place to call home. Intermediaries can contact the V-Hub to discuss any case and take advantage of these rate reductions. With direct access to our specialist experts and underwriters, intermediaries can be confident in our efficient service levels coupled with dedicated support.”

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