LENDING CRITERIA

SEARCH

  • Properties with Planning Use Classes Order other than C3 (a) (b) (c)
  • Property subject to a shared ownership deed
  • Property with a pre-emption clause in existence
  • Mobile homes
  • Houseboats
  • Property for letting
  • Property licensed as a HMO
  • Multi-unit freehold
  • Property held on a Common hold basis
  • Freehold flat or freehold maisonette
  • Property where a flying freehold exists affecting more than 15% of the total floor space
  • Property with restrictive covenants or saleability; e.g. Retirement homes/houses or apartments
  • Farms, smallholdings or properties with agricultural restrictions in place
  • Serviced flat/apartment
  • Studio flat and/or flat with a total external floor area of less than 35 square metres
  • Flat in a block with more than three floors above ground floor and which does not have a lift. Top floor and attic can be considered as one floor where they are part of the same flat
  • Flats or maisonettes in blocks exceeding 20 storeys
  • >33% exposure in a block of five flats or more and the same maximum 4 or >33% for houses
  • Prefabricated building and unrepaired PRC construction
  • Property listed as defective under the 1984 and 1985 Housing Acts unless rebuilt to NHBC standards and with appropriate guarantees. The adjoining properties must also have been repaired to the same standard.
  • Wimpey No-Fines (if constructed prior to 1946 or bungalow or flat)
  • Laing Easiform construction (if constructed prior to 1966 or bungalow or flat)
  • Property where high alumina or Mundic block cement has been used in the construction
  • Timber framed property that does not have a brick or "block and rendered" outer skin
  • Steel framed constructions except post-1987 construction within BBA or WIMLAS certification
  • Property constructed using concrete Large Panel System (LPS)
  • Property on which there is a local authority grant outstanding
  • Live/work units
  • Property with agricultural restrictions
  • Property with no kitchen or more than one kitchen (granny annexe accepted providing no tenancies being created)
  • Property with no bath/shower room
  • Property which has any shared services with any adjoining or adjacent property which does not form part of our security 
  • Property where saleability may be adversely affected by local planning or by an unsatisfactory mining report
  • Property which has internal door locks and/or separate utility services
  • Property which is being bought from the customer’s own limited company
  • Property where material environmental hazards are present

Properties that have been underpinned in the last 10 years must have a 10 year guarantee from the company warranting the works completed and this must be placed with the title deeds.

The valuer must also state that there is no sign of new movement.

Vida Homeloans will require the solicitors to confirm in writing, prior to completion, that the building’s insurers are aware of the problem and are willing to cover on normal rates and terms.

Capital raising against an unencumbered property will be classed as a remortgage.

(e.g. credit cards, catalogues and personal loans)

Vida Premier: No missed unsecured payments in the last 6 months

Vida 1: 1 missed payment up to £50 in the last 6 months.
Max product LTV 80%

Vida 2: 1 missed payment up to £100 in the last 6 months.
Max product LTV 80%

Vida 3: 2 missed payments, none over £100 in the last 6 months.
Max product LTV 80%

Vida 4-5: 3 missed payments up to a combined total of £250 in the last 6 months.
Max product LTV 75%.

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