The ‘limited edition’ range is the most price-competitive yet, according to Vida, for the criteria-driven mortgage lender.
Vida also offers a fee-saver range at up to £1m on a 2.99% two-year fixed rate or 3.44% for a five-year fixed rate, with no product fee, up to a £650 valuation fee refund and free standard legals on remortgages.
Louisa Sedgwick, director of sales – mortgages, Vida Homeloans, said: “[We are] committed to offering flexibility and value to both residential and buy-to-let customers, and the limited editions range is part of that commitment. We are delighted to be helping intermediaries source suitable products for their clients who have been under served by the mainstream market.”
In early May, Vida made a raft of criteria changes across its buy-to-let product range, relaxing its criteria on debt consolidation, LTV limits and minimum property values.
The lender allows a capital-raising remortgage for any purpose and removed the need for a floating charge on Special Purpose Vehicles (SPVs), among a series of other changes including changes to its Multi-Unit Block criteria.
The lender has also confirmed the following buy-to-let rental cover requirements:
• 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%
• HMOs and MUBs from 130% cover