The lender said that there were not specific measures around response time or extended service level agreements (SLAs) for the pledge.
To claim the pledge a broker would need to write a minimum of 50 words on why they felt they had not got excellent service.
The admin application fee is £180, and a refund of £180 will apply to admin fee-free products as well.
The refund goes back to the bank account from which it is sent, with the lender noting that the fee should go back to the customer as they were paying the fee.
Anth Mooney (pictured), chief executive of Vida, said: “We know our service is now amongst the best in the industry – our very straightforward service pledge demonstrates our confidence in that.
“Our underwriting is now as broad as any of the specialist lenders, including the Togethers, Bluestones and Peppers of this world, and in the vast majority of cases we will likely offer a better rate – so brokers really should be coming to us first – they literally have nothing to lose and everything to gain by doing so.”
Martin Reynolds, chief executive of SimplyBiz Mortgages, commented: “We’re delighted to see this commitment from Vida. Any service pledge is to be welcomed, but one that is so wide ranging, yet simple, shows genuine confidence from Vida”
Vida recently restructured to an “engagement-centred model” where its intermediary relationship and decision-making teams would be combined into one hub. It said that the changes would allows brokers to get answers to queries “quickly, easily and accurately”.
The lender noted that it had received positive feedback and five-star reviews from brokers and had achieved its highest ever Net Promoter Score in 2022.
The firm noted that calls to the V-Hub were being answered in nine seconds and emails were being responded to in four hours.
Caner Mulayim from BB Financial Solutions Ltd said: “Vida are amazing. The V-hub team really know their stuff and dealing with them is so easy – other lenders could learn a thing or two for Vida about how to look after brokers.”
Nicola Lauder from Aspire Mortgages added: “Used Vida for the first time in a long time. In my 19 years as a broker, the level of service at Vida has been one of the best I’ve received. Proactive direct underwriter contact, efficient communications, and speedy app to offer. I’ll be turning to Vida a lot more now’.”
Criteria updates
Vida has also made a raft of criteria enhancements following feedback from brokers.
The lender will now go up to 85 per cent loan to value (LTV), which is up from 80 per cent LTV previously.
Its minimum loan size has been reduced to £50,000. It was previously £75,000 for residential and £100,000 for buy-to-let.
The firm had added fee-saver products across its range, which will give customers more choice.
Vida will also go up to six times loan-to-income multiples on residential loans, having previously been 4.5 times income. It was 5.5 times income for key workers.
The lender will also consider landlords with no experience when purchasing Houses in Multiple Occupation or a multi-unit block (MUB).
MUBs up to six units will also be considered, an increase from five units before.
Regarding property type, the lender said that there is no restriction on number of storeys in a block of flats, no requirement for a lift above the fourth floor and flats near to or above bars, pubs and petrol stations considered
Vida said it would consider only one-year’s UK residency before application and has broadened its list of acceptable visas.
