Vida Homeloans has cut its buy-to-let fees on smaller buy-to-let loans to 1% in a bid to win more business from property investors.
The 1% fee (minimum £495) is available on the Vida 1 tier up to a maximum loan size of £125,000, replacing the previous fixed fee of £1,995.
Louisa Sedgwick, director of sales – mortgages at Vida Homeloans, said: “We are always listening to feedback from mortgage intermediaries here at Vida Homeloans and constantly look for new ways to ensure our products suit borrowers who are currently not well-served by high street lenders.”
The new lower buy-to-let fees form part of wider changes, including alterations to Vida’s Fee Saver residential mortgage range, with properties up to £500,000 now qualifying for a free valuation and a lower £49 assessment fee.
Sedgwick added: “These changes to our Fee Saver residential product and specialist BTL range show our continuing appetite to grow our specialist mortgage lending.”