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Vida Homeloans, Foundation and TSB refresh product ranges – roundup

  • 24/01/2019
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Vida Homeloans, Foundation Home Loans and TSB have updated their product ranges.


Vida’s residential range will now include a 90% loan-to-value (LTV) product for home movers.

Vida’s ‘Helping Hand’ proposition, aimed at parents helping children, has been widened to allow children to assist parents purchasing or remortgaging a property.

The lender has also increased debt consolidation for remortgages from 70% to 75% LTV across all tiers.

On Vida’s BTL range, a new 85% LTV option has been added for loans up to £250,000. Expat criteria has also been improved with LTVs for BTL applicants resident in a non-EEA country rising from 65% to 75%, can now borrow via an SPV, and also benefit from rate cuts.

Within the BTL range, the majority of rates have been reduced by up to 0.50% and the lowest two-year fixed rate now stands at 3.14% and five-years at 3.59%.

Further, a new option called “Application Refer” has been introduced to allow underwriters to review the case before the broker has to pay any fees.

Louisa Sedgwick, director of sales at Vida Homeloans (pictured), said that this is the biggest product update since its launch into the market in October 2016.

She added: “I am confident that these updates to our residential and buy-to-let propositions will be received positively by our broker partners. Not only do they offer greater flexibility and choice, but they also provide genuine affordable solutions for customers.

“We have also taken broker feedback onboard and have worked hard to improve our service propositions to enable a smoother journey.”


Foundation revamps BTL range

Foundation Home Loans has revamped its BTL proposition.

All products now sit under two umbrellas, F1 and F2.

F1 is for existing and new landlord clients with a predominantly clean credit history financing less complex property types. Whereas F2 is for existing landlords who are financing specialist property types including HMOs, short term lets and Multi Unit Blocks as well as those who may have minor blips on their credit rating.

Both ranges are available to individuals, portfolio landlords and limited companies.

Andrew Ferguson, commercial director for Foundation Home Loans said that 2019 will be a challenging year for brokers advising clients in BTL.

He added: “We believe our new range is more streamlined and makes it easier for brokers to understand, whilst maintaining our key product points of difference, such as our Short Term let proposition. Our new structure will support our extensive growth plan this year.”


TSB launches £300 cashback option with remortgage products

TSB has enhanced its residential remortgage product range, offering customers the option to receive £300 cashback as an alternative to free standard legal services.

This applies to the bank’s two, three, five and 10 year fixed remortgage ranges for residential customers applying via intermediaries.

Nick Smith, TSB’s head of mortgages, revealed that some of the brokers said that their clients would prefer to choose their own conveyancer when remortgaging.

He added: “So, from today, we’re offering intermediary customers the choice of a free legal package or £300 cashback on all our residential remortgage products. It’s just another example of how we’re making our mortgage offering even better and giving customers more choice.”

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