It will be available on both a purchase and remortgage basis with a fixed fee of £3,750 and a maximum loan size of £750,000. In addition, it will provide a free valuation for all properties up to the value of £1m.
The product is priced at 4.34 per cent for its core buy-to-let borrowers and 4.74 per cent for landlords with housing in multiple occupation (HMO) and multi-unit block (MUB) properties.
In addition, Vida has discounted its 70 per cent LTV rate by 10 basis points (bps) and reduced a two-year fixed 75 per cent LTV product by 15bps.
It has also cut initial rates for expat borrowers by up to 30bps and reduced the product fee to 1.5 per cent with a minimum £795 fee.
Richard Tugwell, director of mortgage distribution at Vida, said: “Covid-19 has impacted the financial circumstances of millions of people across the UK, and landlords are no exception.
“Many have experienced issues with rental yield or are investing in more specialist property types, so they will need the support of expert lenders like Vida who can help them despite their more complex requirements.
“We’re confident that our fixed fee special is an ideal solution for landlords with several HMOs or MUBs, looking for greater choice and flexibility for larger loan sizes up to 80 per cent LTV.”