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Vida launches into second charge loans

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  • 29/01/2018
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Vida launches into second charge loans
Vida Homeloans has launched into the second charge market through two master brokers.

Specialist Lending Solutions revealed the lender was planning to expand into the market in an exclusive interview last summer.

The range includes residential and buy-to-let (BTL) products and is available through two distributors – CSC Loans and Loans Warehouse.

Vida said it was undertaking a “test and learn” phase before launching more widely into the market through additional distribution.

During the pilot phase brokers will be required to register on the Vida website before advising on second charge mortgage business and submitting it via CSC Loans or Loans Warehouse.

 

Criteria unveiled

Rates will begin at 4.5%, with a maximum term of 35 years and will allow up to four applicants.

The BTL range has options for houses of multiple occupation (HMO), multi-units, limited company, portfolio landlords, ex-pats, applicants with impaired and repaired credit history and no minimum income.

Properties over commercial premises will also be considered.

Interest-only options will be available on residential loans up to 60% loan-to-value (LTV) on a maximum loan of £100,000 and on BTL at up to 75% LTV at a maximum of £250,000.

Vida Homeloans director of sales – second mortgages Simon Burnell (pictured) said: “After building this new proposition for the seconds market, it’s a great feeling to confirm that our pilot has begun.

“I would like to thank the mortgage intermediaries who have assisted us in this process and we will now fully test the Vida Homeloans second charge mortgage proposition before rolling out further to wider distribution.”

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