Vida, the lending specialist, has announced a range of changes to its criteria to broaden and improve its product offering and help more people in their home owning journey.  

Vida have launched a new mortgage product designed specifically for Key Workers which will allow them to apply for a mortgage up to five and a half times their total income with a maximum LTV of up to 90%. Only one applicant needs to be a Key Worker and provides the added benefit of  a discount on the product’s initial rate compared to the standard range,  making buying a new home that little bit more achievable for those working in critical public sector roles. 

90% LTV mortgages have been relaunched and are available on all residential houses and flats including new builds, helping those who are encountering challenges building a deposit. To provide further support for those who are looking at taking that first step onto the housing ladder or making the next move, Vida have included a residential Fee Saver range to provide additional help with the costs associated with the homebuying process. The Fee Saver range is available for mortgages up to 90% LTV with a competitive 5 year fixed product. The range provides a free valuation on all properties up to £500,000, no product fee and a £250 contribution towards legal fees meaning that buyers can put more money aside for a deposit, or for those essential early expenses following the purchase.  

In addition, Vida have made their Help to Buy mortgage range available across all lending tiers, providing applicants who may have encountered challenges with their credit file the chance to utilise the Governments Shared Equity Scheme to buy their first property.  

Vida have also improved their Buy to Let range with loans now available up to 85% LTV for both personal and special purpose vehicles (SPV) purchasers, enabling them to grow a portfolio by requiring smaller deposits for each property. There is no minimum income on Buy to Let mortgages if the property is self-funding and the range also includes a Buy to Let Fee Saver option on its 5 year products, offering a free valuation on all properties up to £1m, a reduced product fee of £1,495 and a £250 contribution towards legal fees paid on completion 

For those borrowers seeking more flexibility, the Flex product range provides the security of a five year fix , with Early Repayment Charges only payable in the first 3 years. This range gives the flexibility to repay at the end of year 3 with no additional charges. Available for both Residential & Buy to Let the Flex range provides valuable flexibility in a rapidly changing market for both landlords and residential borrowers 

Richard Tugwell, Director of Mortgage Distribution at Vida said:  

“As a lending specialist, Vida is now a forward looking and nimble business, and our aim is to ensure we consistently deliver a first-class intermediary experience and provide a great range of product options for broker’s clients. We continually look to evolve the products that we offer them and these most recent criteria changes are the most radical in our 7 year history. They take account of the fast moving pace of the mortgage sector and we are confident that these will provide great solutions to borrowers who are cut out of traditional mainstream lending.”