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Vida broadens self-employed and contractors’ criteria

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  • 04/04/2022
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Vida broadens self-employed and contractors’ criteria
Vida has increased the amount self-employed contractors can borrow, reduced its income requirements, and cut its minimum contract requirement.

Self-employed contractors can borrow up to 48 times their weekly rate, which is up from 46 times their weekly rate previously.

The lender said it will also consider contractors with a minimum track record of one year’s employment within the same line of work, half it’s previous minimum.

Contractors can also apply for a mortgage if they have three months left on their contract, compared to before, when borrowers had to have six months remaining on a current contract or a three month rolling contract that has been renewed at least once to be eligible.

Richard Tugwell (pictured), director of mortgage distribution at Vida, said: “We are determined to provide attractive, accessible products that support contractors and the wider self-employed market, who have been cut out of traditional high-street lending.

“We continue to see strong demand from our intermediary partners and want to continue growing our lending and offering a great service to brokers and customers”

Vida has had a very busy first quarter after updating its offering, increasing its procuration fees and tripling its product range to around 270 products in January.

The lender also brought out a key worker product and released limited edition residential and buy-to-let products.

It also created a specialist relationship team to offer a more “focused approach” to produce better broker and customer supports whose needs were more complex.

The lender is also working on its banking licence applications and is targeting £1bn plus of mortgage lending this year, which is roughly double the amount it lent in 2021.

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