LENDING CRITERIA

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At least one customer must be either employed, self-employed, or in receipt of an occupational pension. If using two incomes for affordability assessment, at least one of the customer’s will need to be employed, self-employed or in receipt of an occupational pension.

The maximum loan to value allowable is 75% LTV (plus fees).

A suitable repayment strategy needs to be in place to fully repay the outstanding mortgage balance at the end of the term. The following are acceptable repayment strategies:

  • Cash ISA or other savings
  • Stocks, Shares, ISA or other liquid investment
  • Endowment policy
  • Pension (Personal, Executive or Employed pension plan)
  • Sale of another mortgaged property. Up to 100% of the current available equity can be used.
  • Sale of the customer's main residence (downsizing) - customers are expected to have a minimum amount of equity remaining in the property at the end of the mortgage term in order to repay the mortgage debt and also feasibly purchase another property:
  • £150,000 equity required at the start of the mortgage for securities located in the rest of the UK
  • £200,000 equity required at the start of the mortgage for all securities located within London and the South East of England

Recent updates to Vida Criteria

100% Debt Consolidation now available on residential products up to 70% LTV
Up to three unsecured missed payments allowed in the last 6 months
Maximum BTL loan increased to £1.5m