Vida withdraws products and increases minimum loan value and rates

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  • 03/11/2020
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Vida withdraws products and increases minimum loan value and rates
Vida Homeloans has withdrawn a further selection of products, increased rates and lifted its minimum loan value.

 

The lender said it was making the moves to protect service levels for intermediaries who have already submitted cases to it.

Vida previously reduced the range of mortgage available at the start of October after it re-entered the market in August.

In its latest changes, the minimum loan size has been increased to £100,000 for all remaining products, with Help to Buy products on adverse tiers Vida 2 to Vida 5 being removed.

It has also increased interest rates on residential two-year deals at 70 per cent and 75 per cent loan to value (LTV) products and five-year 80 per cent LTV products

The two-year rates start at 3.59 per cent for the Vida 1 range at 70 per cent LTV and rise to 5.69 per cent for the Vida 5 range at 75 per cent LTV.

The five-year versions at 80 per cent LTV start at 4.89 per cent and rise to 5.59 per cent for Vida 4.

A Vida spokesman said: “Vida has received an incredibly positive response from intermediary partners since returning to lending.

“We are seeing unprecedented application volumes, and as a result we have now made several temporary changes to our product range and criteria.

“This is to protect service levels for intermediaries who have already submitted a case to us. We are committed to returning to offering a broader product range as soon as we can.”

 

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