Vida Homeloans has introduced a new flexible mortgage product designed for budding buy-to-let investors including professional and first-time landlords.
The launch of Vida Flex follows a return to mortgage lending earlier this month.
Vida Flex offers landlords the option to fix their mortgage for five years, but with the flexibility to leave fee-free after three. The function gives landlords greater flexibility to sell or refinance their property without having to pay an early repayment charge after three years. Vida Flex is available up to 75% loan-to-value and rates on the product start from 3.84%.
During its relaunch earlier this month, Vida announced its plans to work together with advisers to develop market solutions and a new mortgage proposition that supports Britain’s underserved borrowers.
Vida Flex has been designed following specific feedback from advisers and is the first step to drive this mission forward.
The specialist also continues to offer its full range of buy-to-let solutions up to 85% LTV and for portfolios of up to £4m.
Full range is available to customers with impaired and improving credit files, as well as on properties such as HMOs, MUBs and flats above commercial properties.
Louisa Sedgwick, managing director of mortgages at Vida, commented: “At Vida, changing mortgages for good is more than just a concept – it’s something we really do plan to deliver on. The launch of Vida Flex is the first step in that journey to creating a new proposition and is a product designed for today’s mortgage market, offering flexibility for landlords that play a vital role housing millions of families across the UK.
“We feel overwhelmed with the incredible response from advisers that we’ve had since our return to lending. Vida’s new plans are all about being the lender for Britain’s underserved borrowers and helping more people find a safe place to call home. But hearing the team responding to new enquiries from advisers about real-life customer cases has reinforced the important role we can play for customers to make their housing plans a reality. This positive impact we can have on so many lives continues to spur our ambitions at Vida, and we look forward to working in partnership with advisers to build a new proposition that can really support borrowers in today’s mortgage market.”