Vida continued that by extending higher LTV options to foreign nationals is addressing a “key barrier to entry” for individuals who “contribute significantly to the UK economy but may face challenges securing traditional mortgage financing”.
The deals are on two and five-year fixed rate terms and are available across its 6, 24 and 36 credit tiers.
The maximum LTV is subject to the highest-earning applicant solely earning a minimum of £50,000. If no individual applicant earns £50,000 or more, borrowing is restricted to 75% LTV.
The foreign national product also requires 5% of the deposit to come from the applicant’s own funds, for instance, savings or inheritance.
Vida said that it will accept the following visas:
The growth of ‘just-off-high-street’ lending
Sponsored by Pepper Money
- Skilled Worker Visa
- Family Visa – Spouse or Partner
- Family Visa – Skilled Worker Dependent
- Minister of Religion Visa
- British National (Overseas) Visa
- Family Visa – Parent
- Innovator Founder Visa
- Sportsperson Visa
- Investor Visa
- Health and Care Worker Visa
- Family Visa – UK Ancestry
- Global Talent Visa
The firm said that the proposition reflects its “ongoing mission to broaden access to homeownership and provide flexible, inclusive solutions for underserved segments of the market”.
Ross Williams, head of products at Vida, said: “At Vida, we believe that everyone deserves the opportunity to own a home, regardless of their background or country of origin.
“Our new proposition for foreign nationals is a natural extension of our mission to help more people find a place to call home. We’re proud to support a diverse range of customers and provide real solutions that reflect the realities of modern life in the UK.”
Skipton BS slashes 114 mortgage rates
Skipton Building Society will lower around 114 mortgage rates by up to 0.27% from 9am on 9 July.
The changes have been made across its fixed residential range, including new business and existing customers.
Examples include its two-year fixed purchase deal 95% LTV with £495 fee, which has gone down from 5.26% to 4.99%.
The lender’s five-year fixed purchase rate at 85% LTV with no fee and £500 cashback will decrease from 4.87% to 4.60%.
Skipton Building Society’s five-year fixed purchase rate at 85% LTV with a £1,295 fee will be priced at 4.43%, a fall from 4.70%.
Other examples include its two-year fixed purchase rate at 95% LTV with a £495 fee, which will go down from 5.26% to 4.99%.
Skipton Building Society’s two-year fixed purchase rate at 90% LTV without a fee comes to 4.87%, a fall from 5.07%.
