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Vida restricts residential business to remortgage only and withdraws more products

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  • 24/11/2020
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Vida restricts residential business to remortgage only and withdraws more products
Vida Homeloans is withdrawing more products and tightening criteria further across its residential and buy-to-let (BTL) ranges as it aims to deal with a further surge in demand.

 

From 25 November the lender is restricting all residential deals to remortgage only.

It is also withdrawing all Help to Buy, First Home Fund and Right to Buy products.

The minimum loan size for all BTL and residential cases is being further increased to 150,000.

And all BTL mortgage at 80 per cent loan to value are being withdrawn.

This is the third such move Vida has made since re-entering in August. Earlier this month it withdrew some Help to Buy products, increased various rates and increased the minimum loan value to £100,000.

 

New submissions and pipeline cases

Brokers must submit decisions in principle under the expiring products and criteria by 8pm on 24 November. After this a product from the new range must be selected to proceed.

For any new or pipeline cases potentially impacted by these changes, all mandatory documents must be uploaded with fees paid and progressed to Application Received stage by 8pm on Thursday 26 November.

A spokesperson from Vida said: “Vida has received an incredibly positive response from intermediary partners since returning to lending, and we have seen an unprecedented number of applications.

“Despite making a number of product changes during October and November, applications continue to spike. Protecting service levels remains a priority for us and we have therefore taken decisive action by making a further number of temporary changes to our proposition.

“The impact of the crisis resulting in a higher demand for specialist lending, along with the impending deadline of the Stamp Duty Land Tax holiday and Help to Buy scheme means this is an incredibly busy time for the mortgage market.

“At Vida, we are striving to provide quick outcomes for our customers, while maintaining our commitment to lending responsibly as we continue to assess each application case by case.”

 

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