• Vida have introduced a seven-year fixed rate to their residential range
• Available at 90 per cent loan to value (LTV) for both purchase and remortgage
• New buy to let limited edition product also available

Vida, the specialist lender, have announced that they are expanding their residential product range with a new seven-year fixed rate at 90 per cent LTV.

The lender says that at a time of increased cost of living and significant rent inflation making it more difficult to save, the addition will support those struggling to raise larger deposits or wanting to get the maximum value from their current property, perhaps looking to release capital for home improvements.

The option to borrow over a longer initial term also helps those looking for certainty of mortgage payments for a longer period.

Standard and fee saver options are available on their Vida 36 tier with a £600k maximum loan size.

Rates are 7.49 per cent with a £995 fee and 7.69 per cent for the Fee Saver which has £0 product fee, no assessment fee, and a free valuation.

In addition, a new two-year buy to let limited edition product has also been launched. Up to 65 per cent LTV and at an initial rate of 6.65 per cent, it is available on Vida 36 for individual units, houses of multiple occupancy (HMO) and multi-unit blocks (MUBs) and comes with a fixed fee of 2 per cent.

All products are subject to affordability checks. Limited edition products may be withdrawn at short notice. More information can be found on Vida’s website.

Helen Cawthra, Head of Intermediary Relationships commented:

‘At a time when many households are struggling to save due to cost-of-living pressures or high ongoing monthly rent, being able to buy or move with a smaller deposit is an attractive option, especially for first time buyers. Similarly, existing homeowners may be looking to avoid the potential cost of moving by making improvements to their existing property. A seven-year product will also give intermediaries more options to discuss with clients who are looking for longer term consistency and peace of mind when it comes to their monthly repayments.’

All products are backed by Vida’s Service Pledge, which allows brokers to request a refund of the £180 application admin fee if they feel they have received anything but excellent service.