Specialist lender Vida has announced enhanced its products and criteria, increasing its maximum age at the end of mortgage term to 80 years old.
Vida will now consider lending up to an applicant’s 80th birthday based on their current income, where the following three conditions apply: the applicant is under 50 years old, they are at least 10 years from retirement, and they are actively contributing to a pension scheme.
Additional applicants outside of this can be considered, but no income will be used for affordability. Repayment must be on a capital and interest basis.
They have also extended the maximum potential mortgage term from 40-years to 45-years.
Alongside the latest criteria enhancements, Vida also repriced its entire product range and launched new limited editions.
Buy-to-let initial rates were cut by up to 0.70% with rates from 5.74% for 5-year fixed and 6.84% on 2-year fixed.
For residential, cuts of up to 0.55% see initial rates start at 6.79% for 5-year fixed and 7.14% for 2-year fixed.
New limited edition buy-to-let 5-year fixed products were launched at 75% loan-to-value (LTV).
The products have a 6% fee but with Vida’s lowest initial rates for over a year, from 5.14%.
These will be available for single units, houses in multiple occupation (HMOs) and multi-unit blocks (MUBs).
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.
Helen Cawthra (pictured), head of intermediary relationships at Vida, said: “We want to help as many people as possible move forward with realising their property ambitions at any stage in life.
“Affordability is becoming more and more challenging for many, and we want to try and help borrowers under the age of 50 where mortgage terms may take them into retirement, so these latest enhancements to our criteria and products will give intermediaries additional options to discuss with their clients.”
