The specialist mortgage lender has reduced its two-year tracker, two-year fixed and five-year fixed rates on buy-to-let products by up to 0.60% and reduced the revert rates across the entire buy-to-let range. The move follows cuts to its buy-to-let fees and rates last month.

This takes Vida’s two-year tracker rates as low as 3.24%, its two-year fixed rates to 3.34% and its five-year fixed rates to 3.89%.

Rental cover requirements are:

• Basic rate UK tax payers: 125% cover with top up from 115%
• Higher rate UK tax payers: 140% cover with top up from 120%
• Trading limited companies/SPV/LLP: 125% cover with top up from 115%
• Houses in Multiple Occupation (HMOs): from 130% cover

Louisa Sedgwick (pictured), Vida’s director of sales for mortgages, said: “We have quickly established ourselves as a lender with an appetite for specialist residential and buy-to-let business, and these changes should ensure that we remain very competitive in this important segment of the buy-to-let market.

“We already had some great criteria in areas such as limited companies and SPVs, flats above commercial premises and HMOs up to eight bedrooms. Now we have even more competitive pricing too.”

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Ying Tan, managing director, Buy to Let Club, added: “These changes will help us offer our landlords innovation and flexibility in securing the best mortgage deal for their client’s needs, while also ensuring the all-important rate works for their portfolio.”