Vida Homeloans enhances Specialist Buy-to-Let criteria


  • Improvements on debt consolidation, MUBs, HMOs and SPVs
  • Increase in maximum LTV for portfolios to 80%
  • Reduction in minimum property valuation to £50,000

Vida Homeloans, the specialist mortgage lender for intermediaries, has today announced significant changes to its specialist Buy-to-Let range, developing the competitiveness of its lending criteria following its successful launch into the market.

Vida has removed all constraints on debt consolidation, allowing capital raising remortgages for any purpose, and removed the need for a floating charge on Special Purpose Vehicles (SPVs) which are set up for property investment. The lender has improved its criteria for Multi Unit Blocks (MUBs) bringing in a minimum valuation per block (rather than per unit) and allowing up to 5 units. Landlords are now required to have just 12 months’ experience of owning a Buy-to-Let property for both MUBs and Houses in Multiple Occupation (HMOs). Vida still accepts First Time Landlords on standard Buy-to-Let flats or houses and has also increased the maximum LTV on entire portfolios from 75% to 80%, and reduced the minimum property valuation to £50,000.

Vida’s Buy-to-Let rental cover requirements are as follows:

  • Basic rate UK tax payers 125% cover with top up from 115%
  • Higher rate UK tax payers 140% cover with top up from 120%
  • Trading limited companies/SPV/LLP 125% cover with top up from 115%
  • HMOs from 130% cover

Louisa Sedgwick, Director of Sales – Mortgages, Vida Homeloans comments:

“Following some enthusiastic feedback from our partners, this latest refresh of our Buy-to-Let lending criteria is part of Vida Homeloans’ commitment to offer intermediaries innovation and flexibility in securing the best mortgage deal for their client’s needs. We have made a number of rate cuts recently and we’re confident that this combination of criteria and pricing will prove attractive to our brokers, networks and packager partners.”