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Vida and Together pull entire mortgage ranges

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  • 25/03/2020
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Vida and Together pull entire mortgage ranges
Together and Vida Homeloans have temporarily stopped receiving any new mortgage business due to the impact of the coronavirus outbreak, Mortgage Solutions has learned.

 

The moves come as lenders are continuing to adjust to the ongoing turmoil created by the coronavirus pandemic.

 

Together 

In a statement issued to the London Stock Exchange, Together confirmed that it would temporarily stop accepting new loan applications on all its first and second charge mortgage products, only focusing on business already in its pipeline. 

Together said: At this time, given the general uncertainty, it is difficult to provide any degree of clarity on the potential implications to Together arising from Covid 19 or the government’s and/or regulator’s current or future responses to tackling the situation.   

We continue to manage the company on a prudent basis and to monitor the situation carefully. We will provide further updates as and when appropriate. 

 

Vida Homeloans 

Vida Homeloans has also made the decision to retract its mortgage range just a week after it pulled some of its residential and buy to let products 

At the time, the Vida warned that other non-bank lenders could follow suit due to a lack of access to liquidity facilities offered by the Treasury and the Bank of England to help lenders support borrowers who are financially affected by the pandemic.

The lender said it was told by its valuers that they would be unable to conduct physical valuations meaning any due to be carried out on an ongoing application will not take place until further notice.

A spokesperson from Vida said: “This also means that we are unable to accept any new mortgage applications for the time being. Any pre-valuation cases will now be withdrawn.

“We apologise for any inconvenience this may cause but hope that our intermediaries and their clients understand the issues which we are currently facing in light of unprecedented events and we will keep them updated as the situation changes.”

 

 

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