Criteria wrap-up on First Time Buyers, with Ollie Smith, National Account Manager

Video transcript

Hi, Ollie here, National Account Manager at Vida Homeloans and today we’re going to be talking all about first time buyers and how we can help them.

So how do we define a first time buyer? So a first time buyer for us is somebody who has never owned a UK residential property previously. Now we can allow applicants from the age of 21 all the way up to the age of 80.

 From the applicants income point of view, we need at least one of the applicants to be earning a minimum of £15,000. Now what form that’s in, whether it’s employed, self-employed variable income also topped up with second job income, all of that can be considered.

When  it comes to what products and term is available to the client, what goes down really well is our maximum term we can go to- 45 years. Really being able to stretch that out. We can also go up to 90% loan to value with our five year and seven year fixed products.

First time buyers do also have access to the other parts of our criteria, whether that be, four applicants on a mortgage application. It could be CCJ’s and defaults under £250 completely ignored.

Naturally, we are also able to help if you’re first time buyers looking to buy a new build property, or likewise, it could be a right to buy. We’re able to help with right to buy applications.

If your applicant is also getting a gifted deposit from a close family member, that’s also okay. We’re able to consider people like mum, dad, siblings, grandparents, legal guardian.

Not forgetting our service pledge does still stand. So if you’re not completely satisfied with the service you receive, we will refund your application fee back. Now, with our Trustpilot score still being rated as excellent, hopefully that shouldn’t happen.

Hopefully that’s been useful and we’ll speak to you soon.