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Vida Homeloans unveils pilot product range

  • 05/10/2016
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Vida Homeloans unveils pilot product range
Vida Homeloans has launched a lending pilot to trial its residential and buy-to-let products through selected distribution partners.

The recently-launched lender is targeting self-employed borrowers and contractors, applicants with short work histories, a ‘buy together’ option for more than two applicants, alongside a mortgage range for borrowing in or into retirement.

Its buy-to-let range will be offered to individuals, limited companies and trading partnerships. The criteria will allow portfolios, houses in multiple occupation, UK expats investing in the UK and a rental top-up option, allowing surplus earned income to be used in the rental calculation.

Residential customers and buy-to-let investors who have an impaired but improving credit record will also be considered.

In phase one of its roll-out, the lender will distribute products through 3mc, the Buy to Let Club and RHL.

Its mortgage origination platform has been designed by intermediaries which the lender said will provide ‘speedy’ decisions.

David Tweedy (pictured), chief executive, Vida Homeloans, said: “There is a significant segment of the market in the UK at the moment that cannot secure a mortgage due to their financial or personal circumstances. These underserved pockets of the UK market often find themselves held back due to their choice of career – especially freelancers and the self-employed, or by a life event or credit impairment. We know there’s demand among the intermediary community to help these customers, and that’s what Vida Homeloans is all about.”

Guy Batchelor, sales and marketing director, Vida Homeloans, added: “I would like to thank the mortgage intermediaries who have assisted us in this process and we’re now looking forward to fully testing the Vida Homeloans proposition in the market before rolling out further to wider distribution over time. We also continue to look at the second charge market and will update our partners in due course.”

Vida Homeloans is a the mortgage lending brand of Belmont Green.

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