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TODAY'S OTHER NEWS

Vida expands buy-to-let expat criteria via select distributors

Vida has widened its buy-to-let expat criteria for a limited number of distributors to cater for existing UK property owners working in Financial Action Task Force (FATF) member countries around the world.

The FATF, also known by its French name, Groupe d'action financière (GAFI), is an intergovernmental organization founded in 1989 on the initiative of the G7 to develop policies to combat money laundering.

The exclusive BTL range is available up to 65% LTV outside the European Economic Area (EEA) and up to 75% LTV inside the EEA.

The specialist lender will provide a loan of up to £1m to first-time landlords, those acquiring HMOs and multi-blocks.

Spouses who are non-British citizens can be party to the mortgage and no minimum income is required.

The new extension to Vida’s buy-to-let expat range is currently available to mortgage intermediaries through 3mc, Brightstar, Complete FS, Connect for Intermediaries, Mortgages for Business and Buy to Let Club. Vida is giving intermediaries the choice of submitting business via packagers or directly via the club route.

Louisa Sedgwick, Vida’s director of sales, said: “Here at Vida we are really pleased to be able to offer this extension to our BTL expat range via a selected number of key distributors.

“Vida is focused on meeting the needs of customers who are currently underserved by the high street lenders and the feedback we’ve had from intermediaries who specialise in expat business is that this move will be welcomed.”

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