BTL changes
Across its BTL offering, it has made rate cuts of up to 0.51% on new business products.
Also for selected limited-edition BTL deals, the minimum loan size has been lowered from £200,000 to £150,000, which Vida Homeloans said would broaden access to more people.
It has made changes to its interest coverage ratio (ICR) to reflect borrower tax status.
There will now be a blended ICR of 135% for applications with both basic- and higher-rate taxpayers, 5% lower than its current rate.
The higher-rate taxpayer ICR has risen from 140% to 145%, while the ICRs for basic rate and special purchase vehicles remain at 125%.
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Within its Summer Special products for houses in multiple occupation (HMOs) and multi-unit blocks (MUBs), Vida Homeloans has temporarily increased the maximum size from six bedrooms to eight for HMOs and six units to eight for MUBs. This change will apply to properties held on a single freehold title, and valuation thresholds will stay the same.
Residential updates
Vida Homeloans has reduced rates across its residential range by as much as 0.54% for new business.
It has also improved affordability with a reduction in the two-year stress rate.
Ross Williams, head of product management at Vida Homeloans, said: “These enhancements reflect our ongoing commitment to evolving with the market and supporting brokers with products that meet the real-world needs of their clients.
“Whether it’s sharper pricing, broader criteria, or improved affordability, we’re focused on helping intermediaries deliver better outcomes.”
