Residential updates

  • The Helping Hand mortgage from Vida Homeloans has been designed
    to allow parents to join their child on the mortgage
  • New Free Valuation available on Fee Saver residential mortgage range

BTL updates

  • Reduced 5-year fixed buy-to-let rates
  • 1% fee for BTL mortgages for smaller loans

LENDING CRITERIA

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Where a customer is in a legally sanctioned relationship (i.e. married or in a civil union) or if their partner is providing any monies towards the purchase of the property, Vida Homeloans expect applications to be made in joint names.

Joint owners of a property must both be customers on a remortgage unless there is a matrimonial/ partnership split and the property is being remortgaged to buy out one of the owners.

Fully justified reasons must be provided where married customers are not applying jointly.

85 at the end of the mortgage term, for all customers

The maximum loan size is £1,500,000

Maximum mortgage term: 40 years (Capital & Interest), 35 years (Interest Only)

4 where all incomes will be considered

21 for all customers

At least one customer must earn a minimum of £15,000 per annum.

C&I loans minimum of 40 years lease remaining. I/O 70 years remaining

The minimum loan size is £25,000

Minimum mortgage term: 5 years

£70,000 for all property types. Ex Local authority flats/maisonettes minimum £125,000 outside London, minimum £200,000 in Greater London up to 80% LTV

The following types of modern construction are acceptable:

  • Panellised Construction Systems Structural Insulated Panels (SIPS).
  • Insulating Concrete Formwork (ICF) also known as Permanent Insulated Formwork.

Subject to:

  • BOPAS accreditation (no other accreditation will be considered) Eligible for standard buildings insurance cover.
  • BPS2020 and UK Agreement certificate preferable for the whole system. 23 Version 1.2 January 2017
  • 60 years minimum design life assessment tested by a British accredited body - British Board of Agreement (BBA) Building Research Establishment (BRE).
Must have an outer skin of brick, block or stone.

Where a property has been altered for multi-occupation it must be converted back to single occupation prior to completion and will be subject to re-inspection and the appropriate fee charged.

Properties that include a granny annexe will be considered acceptable providing there is no adverse comment from the valuer.