All product fees for loans up to £250,000 have been cut by £500, while those on loans over £250,000 have been cut by between 0.25% to 1.25%.
This represents a fee saving of £1,250 on a £500,000 loan or £2,500 saving on a portfolio of £1m.
All BTL loan rates have been cut by between 0.2% and 1.15%, with two year tracker deals now starting at 3.49% and two year fixed offers at 3.59%.
Vida also updated its criteria for loans.
For new build or off plan buy to let properties the initial four month offer period can be extended for a further four months on the same product and family members can reside in student let BTL properties on a house of multiple occupancy basis.
“We offer non-regulated BTL mortgages to customers whose mortgage advisers have already ascertained that they are professional landlords. We leave it to the intermediary whether to proceed with us on that basis,” a Vida spokeswoman added.
Vida’s BTL rental cover requirements are:
- Basic rate UK tax payers – 125% cover, with top up using surplus income from 115%
- Higher rate UK tax payers – 140% cover, with top up using surplus income from 120%
- Trading limited companies/SPV/LLP – 125% cover, with top up using surplus income from 115%
- HMOs – from 130% cover
Vida Homeloans director of sales – mortgages, Louisa Sedgwick said: “We have made a number of criteria improvements and we’re confident that brokers will see the value in what we’re aiming to achieve with this set of changes and will respond positively.”
