Vida’s Helping Hand – the new specialist solution for remortgage customers

Vida Homeloans Helping Hand

Vida Homeloans is the first specialist lender to offer a Joint Borrower Sole Proprietor product which allows parents to help their children onto or up the housing ladder without being on the title deeds or paying additional stamp duty. But Vida’s Helping Hand is not just a purchase product for first time buyers and movers; another customer segment which could benefit are remortgage customers.

People are often forced to remortgage due to a change in circumstances, such as a divorce; one party may wish to remain in the family house and need a Helping Hand to afford a remortgage in their own name, whilst the other party may want to take some equity and buy a place locally, especially to be near to or look after children.  These are complex situations needing a specialist solution and parental help where the main priority may be to stay close to friends and family, support networks, or schools. If someone has fallen on hard times and needs help getting back on their feet the likelihood is that they will turn to loved ones for help and, using Vida’s Helping Hand product, they now can. Parents are able to assist their child with a remortgage without being on the title deeds or paying additional stamp duty, unlike standard joint borrower remortgages.

This comes as UK Finance reported a 7.1% year-on-year rise in remortgage figures in May 2018. With these figures rising year-on-year, it is important to ensure that the remortgage market has innovative products it can rely on – particularly in the specialist space.

For more information about Vida’s Helping Hand product, click here