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Vida Homeloans reduces buy-to-let rates by up to 0.6%

Vida Homeloans has cut its buy-to-let tracker and fixed rate mortgage rates by up to 0.6% as the lender looks to expand by targeting the private rental sector.


The rate cuts mean that Vida’s two-year tracker rates now start from 3.24%, its two-year fixed rates are available from 3.34% and its five-year fixed rates are reduced to 3.89%. These rates apply to all individual, limited company and HMO applications.



As far as buy-to-let rental cover requirements are concerned, the specialist mortgage lender’s rental cover is 125% for basic rate UK tax payers and limited companies (top up using surplus income from 115%) and 140% for higher rate UK tax payers (top up using surplus income from 120%).


Other affordability criteria include HMOs from 130% rental cover and trading limited companies/SPV/LLP at 125% cover with top up from 115%.


Louisa Sedgwick, director of sales – mortgages, Vida Homeloans, said: “We have quickly established ourselves as a lender with an appetite for specialist residential and buy-to-let business, and these changes should ensure that we remain very competitive in this important segment of the buy-to-let market.


“We already had some great criteria in areas such as limited companies and SPVs, flats above commercial premises and HMOs up to eight bedrooms. Now we have even more competitive pricing too.”


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