Vida Homeloans has announced the introduction of new lending criteria for customers with impaired and improving credit records.
The specialist mortgage lender for intermediaries will permit up to three missed unsecured payments within the last six months up to a combined total of £250 on both buy-to-let and residential mortgages.
Vida’s new criteria is available on all tiers across product ranges and on the majority of loan-to-value (LTV) loans.
Louisa Sedgwick, director of sales - mortgages, Vida Homeloans, said: “As a specialist intermediary lender which has just celebrated its first anniversary and completed its first securitisation, Vida has built its business on satisfying underserved segments of the market.
“In many situations, people who are late on a recent monthly repayment get penalised when applying for a mortgage, causing frustration, wasting time and losing money from application fees.
“This latest refresh of our lending criteria is part our commitment to offer intermediaries flexibility in securing the best mortgage deal for clients who may not fit the criteria currently demanded by the high street.”
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