Vida, the specialist lender, has announced a series of enhancements to its residential criteria, including new Right to Buy and Acquire products.
The latest changes will allow Local Authorities and Housing Associations to submit purchase-only applications for Right to Buy and Right to Acquire, respectively.
These improvements follow extensive criteria enhancements made earlier this month, as well as the launch of the Vida Service Pledge.
The new products will enable more people to find a home by offering applications up to the lower of 100% of the discounted purchase price or 75% of the open market value.
The Right to Buy products will include 2 and 5-year fixed options with £0 product fees and will be available on Vida 48 – Vida 6.
Other recent enhancements to Vida’s residential criteria include a minimum loan of £50,000, fee-free options, no maximum limit on the number of storeys in a block of flats, and the consideration of flats adjacent to commercial properties such as pubs and petrol stations.
Additionally, Joint Borrower Sole Proprietor options have been extended to a wider range of family members, and acceptable Visas have been expanded, requiring only one year of UK residency.
The Vida V-Hub team will support brokers throughout the application process, with underwriters available at every stage. The new Vida Service Pledge guarantees a refund of the £180 application fee if brokers feel that they have received anything less than excellent service. Full details can be found on the Vida website.
Helen Cawthra (pictured), head of intermediary relationships, commented on the latest developments: “Our aim is to help more people find a place to call home, so we’re pleased to be able to announce the latest enhancements to our residential criteria, which offers additional Right to Buy options for our brokers and their clients.
“We continue to provide brokers with the service they have always dreamed of through our V-Hub, as evidenced by our latest 5-star reviews on Trustpilot.”
