Within its remortgage range, the maximum loan to vale (LTV) for debt consolidation in its Vida 36 credit tier has gone from 85% to 90%.
Vida 36 is a credit profile, which allows one missed unsecured payment of more than or equal to £250 in the last six months, previous repossessions in the past six years or more and bankruptcy, individual voluntary agreement (IVA), debt relief order (DRO) and trust deed in the past three years.
The increase in the LTV widens options for customers looking for options to restructure debt while securing a “more manageable monthly payment”, and it also gives brokers “greater flexibility”.
The lender has also widened its Pathway range, which aims to support customers with “limited deposits or a shorter credit footprint”.
The range will have 90%, 95% and 97% LTV products on two- and five-year fixed rates.
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For a limited time, all Pathway products will have no assessment fee, and many include up to £1,250 cashback on completion.
There are also fee-saver options available to brokers that have no product fee and a free valuation.
Vida has also raised the threshold for disregarding defaults and county court judgments (CCJs) when determining product tiering.
The limit has increased from £250 to £500 across all Vida product tiers, which allows “more customers with historic[al] adverse credit to qualify for better rates and improving brokers’ ability to secure competitive outcomes”.
Ross Williams, head of mortgage product management at Vida, said: “These enhancements demonstrate our commitment to being the lender brokers can rely on for their specialist residential cases.
“Whether it’s supporting customers with debt consolidation needs, low deposits, or historic[al] credit events, we’re continuing to widen access and deliver products that provide real‑world solutions. Our message to brokers is simple: if you’re working on a specialist residential case, Vida is the place to start.”
Vida has made a number of policy enhancements recently, extending its foreign national policy to buy-to-let (BTL) products and making a duo of BTL enhancements around intercompany loans and aggregate exposure limit.
