Vida Homeloans’ newly launched limited edition range of residential and buy-to-let mortgages suggests that competition in the home loan market may be hotting once more.
The lender has introduced its lowest-ever buy-to-let mortgage rate, priced at 3.14% for two years at up to 70% loan-to-value (LTV), while a new two-year fixed rate residential product at 2.69% has also been launched.
Vida Homeloans, which has now removed all constraints on debt consolidation, allowing capital raising remortgages for any purpose, introduced a series of criteria changes to its specialist buy-to-let range last month, including increasing the maximum LTV on entire portfolios from 75% to 80% and reducing the minimum property valuation to £50,000.
The lender has also improved its criteria for Multi Unit Blocks (MUB) bringing in a minimum valuation per block, rather than per unit, and allowing up to five units.
Landlords are now required to have just 12 months’ experience of owning a buy-to-let property for both MUBs and HMOs, down from three years, in order to be considered for finance.
Louisa Sedgwick, director of mortgage sales at Vida Homeloans, said: “Vida Homeloans is committed to offering flexibility and value to both residential and buy-to-let customers, and the limited editions range is part of that commitment.
“We are delighted to be helping intermediaries source suitable products for their clients who have been underserved by the mainstream market.”
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