Vida cuts residential and buy-to-let mortgage rates

Residential mortgage rates have been reduced by up to 0.35 per cent. Highlights include Vida 36 two-year fixed rate at 6.99 per cent and five-year fixed at 6.64 per cent, both at 75 per cent loan to value (LTV).

For buy-to-let mortgage rates, pricing has been reduced by as much as 0.3 per cent. The lowest Vida 36 initial rate is a five-year fixed rate at 5.39 per cent with a four per cent fee, also at 75 per cent LTV.

Limited edition buy-to-let mortgage rates have also fallen, with its two-year fixed limited-edition deals at 65 per cent LTV are available at 6.35 per cent.

The firm has brought out two-year fixed limited editions 75 per cent LTV with a rate of 6.5 per cent. They are subject to a two per cent fee and have the same price point for individual units, houses in multiple occupation (HMO) or multi-unit block (MUB).

Helen Cawthra, Vida’s head of intermediary relationships, said: “There’s no denying that 2023 has been a difficult year for our industry. At Vida, we’ve continued to show that we’re listening to our intermediary partners and working closely to support borrowers with affordability at a time of increased cost of living and challenging economic circumstances.

“We’ve made a whole host of product and criteria enhancements and are pleased to end the year with even more rate reductions and two new limited-edition products.”

Vida last lowered mortgage rates in November with cuts of up to 0.4 per cent in some instances.

The lender has also changed criteria, increasing its maximum age, maximum term and extended its expat countries list. At the same time, the country also added limited edition buy-to-let product to “support the stress rate challenges” the buy-to-let sector is currently facing.

The company has also hired Oliver Smith as a national account manager, a return to the firm after working at Positive Lending as a regional account manager for around a year.