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Vida ups both max LTV for debt consolidation and loan size
Specialist lender Vida Homeloans had increased the maximum loan to value (LTV) for cases involving debt consolidation, upped its maximum loan size and made changes to its fee-saver range.
The maximum LTV now stands at 85 per cent LTV where cases involve debt consolidation, and the maximum loan size has been increased to £2m up to 75 per cent LTV.
The lender has removed its £180 assessment fee from all residential products.
In its fee-saver range the lender will offer free valuation for properties up to £1m an also give £500 contribution to legal fees.
Vida has also changed criteria around repossessions from 10 years to six years.
Richard Tugwell (pictured), director of mortgage distribution at Vida, said the changes demonstrated its commitment to the specialist sector.
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He said: “With the rising cost of living and increasing interest rates, specialist lending is going to become increasingly important.
“The product and criteria changes take account of the fast-moving pace of the mortgage sector, and we are confident that these will provide great solutions to borrowers who are cut out of traditional mainstream lending.”