The lender has also announced a refreshed fee-saver range with new products across residential and BTL available for standard, house in multiple occupation (HMO)/multi-unit block (MUB), and expat cases.
Ross Williams, head of mortgage product management at Vida Homeloans, said: ‘We’ve seen swap rates in the market drop over the course of January. We always endeavour to pass these savings on to our potential customers through rate reductions across our ranges.”
Vida Homeloans has also expanded its list of accepted Scottish postcodes, now including 14 additional postal code areas, and decreased its minimum loan size to £150,000 for deals in the BTL limited-edition range.
Last month, Vida Bank appointed Stuart Sinclair, the former chief executive of Tesco Bank, to the role of chair. Sinclair succeeds Steve Haggerty, who held the position for nine years.
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UTB makes BTL rate cuts
Meanwhile, United Trust Bank (UTB) Mortgages has also announced rate reductions across its BTL mortgage product range, with cuts of up to 176 basis points.
The specialist lender has cut its five-year fixed rates for single-dwelling assured shorthold tenancy products to 4.99%, and for HMOs and MUBs, five-year fixed rates start from 5.29%.
For holiday lets, two year fixed rates start from 5.89% and five-year fixes start from 5.94%.
Buster Tolfree, director of mortgages at UTB, said: “It has been a bumpy couple of years for landlords and buy-to-let brokers, with the sector having to deal with higher interest rates, tougher Energy Performance Certificate (EPC) requirements and uncertainty created by the Renters’ Rights Bill.
“However, in our experience landlords are a resilient bunch, and with good-quality rental property still in short supply, it’s a sector we’re committed to supporting for the long term.”
