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Vida raises maximum loan and cuts rates

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  • 07/06/2021
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Vida raises maximum loan and cuts rates
Vida has increased the maximum loan on its buy-to-let limited range and made price reductions to its standard landlord deals.

 

On the limited-edition range, which consists of four products, landlords can now raise up to £1,000,000. Previously the maximum loan was capped at £750,000.

The lender has also launched large loan products for residential borrowers.

Vida has reduced rates across its standard buy-to-let portfolio range. At 75 per cent loan to value (LTV), borrowers can now access a 2.94 per cent two-year fixed rate and a 3.29 per cent five-year fixed rate. The 70 per cent LTV product is 3.19 per cent fixed for five years.

Other changes include Vida’s Help to Buy deal being made available to all intermediaries after being restricted to selected brokers.

Vida is also launching two new products on its Vida 1 residential range up to 70 per cent LTV, with rates of 2.99 per cent on a two-year fixed deal and 3.29 fixed for five years. Loans start at £750,000 with the maximum loan capped at £1,500,000.

Richard Tugwell (pictured), director of mortgage distribution at Vida, said: “These changes demonstrate our commitment to both the specialist residential and buy-to-let sector. We understand that many landlords have experienced issues with fluctuating income during the Covid-19 pandemic. These latest product changes are aimed at supporting them in achieving their portfolio growth and the latest step in our commitment to evolving our offering to open up new opportunities for intermediaries and reinforce our commitment to helping borrowers who are underserved and undervalued by high street lenders.”

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