LENDING CRITERIA

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Remortgage is allowed for any legal purpose including; Home Improvements, School Fees, Debt Consolidation (up to 70% LTV excluding fees), Tax Bills, Deposits for BTL properties, Business purposes (Professional).

Excludes speculative investments, Gambling Debts etc

  • Capital & Interest Payment (C&I).
  • Interest Only (IO) up to a maximum 75% LTV.

All applicants must provide 3 years’ address history. All UK and EEA applicants must provide at least 2 years’ residential address history in UK. All Non EEA Nationals must be resident in the UK the for last 2 years and have a permanent right to reside in the UK.

Crown employees, including members of the diplomatic service working overseas will be considered as a UK resident as well as members of the British armed forces stationed overseas.

A customer with less than 2 years' UK residency is acceptable if applying jointly with another principal customer who:

  • Is a UK or EEA national;
  • Satisfies the UK residency requirements; and
  • Can afford the mortgage based solely on their income. 

The only mortgages that Vida would normally be allowed to remain outstanding are for a second home with the repayment included as a credit commitment or a buy-to-Iet/let to buy property.

Purchase only. Applications can be considered for the purchase of owner-occupied property, under the Right to Buy scheme up to a maximum of 95% LTV of the discounted purchase price. The loan cannot exceed the product scheme LTV limit based on open market valuation, as per a non-RTB application. Evidence needs to be provided in the form of a Section 125 Right to Acquire, providing details of the valuation of the property and the discount offered by the public sector entity.

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 £1m