Vida adds 90% LTV and limited edition mortgage products

Vida has expanded its residential product range with a new 7-year fixed rate at 90% loan-to-value (LTV).

The lender said that at a time of increased cost of living and significant rent inflation, the addition would support those struggling to raise larger deposits or wanting to get the maximum value from their current property.

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

Standard and fee saver options are available on the Vida 36 tier, with a £600,000 maximum loan size.

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

In addition, Vida launched a 2-year buy-to-let limited edition product.

Up to 65% LTV and at an initial rate of 6.65%, the product is available on Vida 36 for individual units, houses in multiple occupancy (HMOs) and multi-unit blocks (MUBs) and comes with a fixed fee of 2%.

Helen Cawthra (pictured), head of intermediary relationships at Vida, said: “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 7-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.”

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