As Mortgage Solutions exclusively revealed last month, Vida planned to reflect the regulatory buy-to-let changes despite not being compelled to do so.
Its portfolio lending proposition, which will go live on 28 September, is largely unchanged from the current approach and applies to someone who has four or more buy-to-let properties at application (including unencumbered properties).
Vida said that to reduce the burden on brokers, it would accept existing portfolio schedules if they contained its minimum information requirements.
The lender will also not require brokers to enter details on a third-party platform for portfolio cases.
Other details include:
- Vida will continue to require a minimum rental income vs mortgage payment ratio of 125%. When conducting a £ for £ remortgage, the notional rate is 5%, otherwise 5.5% applies. For a five-year fixed rate, the cover is based on the product rate;
- Vida will continue to lend on a maximum of 15 properties with an increased maximum portfolio of £2m;
- Vida will continue to lend on houses of multiple occupancy (HMOs) and multi-unit blocks (MUBs) as part of its portfolio landlord proposition.
Director of sales – mortgages Louisa Sedgwick said: “We are really excited to continue to support buy-to-let portfolio landlords post the PRA changes, and we are making very few changes to our existing underwriting policies and processes to ensure that brokers do not face extra work as a result.”
