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Vida Homeloans drops mortgage rates after broker feedback

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  • 13/01/2017
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Vida Homeloans drops mortgage rates after broker feedback
Vida Homeloans has added a fee-saver option to its range of specialist residential mortgages and cut rates by 0.70%, following feedback from brokers who took part in the December pilot.

The specialist lender, which launched in October, will now offer residential mortgages without a product fee and refund the valuation and assessment fee after completion, capped at £650.

Homeowners who choose a two-year fixed rate at 70% loan-to-value will pay 3.59% on the fee-saver range compared to 3.29% if the applicant selects a product which has a fee of £995.

Its two-year rates have been cut by up 0.55% with variable rates starting at 2.99% while reductions of up to 0.70% have been applied to its five-year products, with rates starting at 3.79%. Its three-year products have been removed from the range.

The lender said its range reflects changing customer demographics and needs. It offers products for recently self-employed borrowers and those in or approaching retirement. It also accepts borrowers with impaired and improving credit profiles.

Louisa Sedgwick, director of sales and mortgages at Vida Homeloans, said: “We’ve received a fantastic response from the market since launch and are committed to becoming a significant lender in the specialist sector during 2017. Our partnerships with brokers and networks are extremely important to us and we are continually listening to their feedback.

“They’ve been telling us that a fee-saver option on our residential product range would be a useful addition to our proposition, especially when combined with the breadth of criteria we offer in the specialist mortgage sector.”

Sedgwick added: “We intend to continue to keep listening to intermediaries and investing in our business to ensure we’re consistently meeting the needs of the market. We look forward to 2017 and the opportunity to build on what has so far been a very encouraging market entry.”

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