Vida, the specialist lender, has enhanced its range of limited edition buy-to-let (BTL) products for individual units and houses of multiple occupancy (HMO) or multi-unit blocks (MUBs).
Available at 75% loan-to-value (LTV) and fixed for five years with a 6% fee, the individual BTL product has a rate of 4.84%, while the HMO/MUB product has a rate of 5.04%.
These products are designed to offer lower initial rates and higher product fees, allowing borrowers to maximise loan size and affordability.
Suitable for both first-time and experienced portfolio landlords, these products are available to individual landlords and limited company special purpose vehicles (SPVs).
Vida’s buy-to-let criteria include no minimum income requirement, accommodation for specialist properties like flats above or adjacent to commercial premises, and an interest cover ratio (ICR) of 125% for basic rate taxpayers and SPVs, and 140% for higher rate taxpayers.
Helen Cawthra, head of intermediary relationships at Vida, said: “As a lending specialist, we continually seek ways to support our intermediary partners.
“These new limited editions will allow a variety of landlords to access products with a lower rate that suits their specialist requirements, with the stability of a five-year fix.
“Intermediaries can contact the V-Hub to speak with us about their buy-to-let cases.
“There, they can speak with experts and underwriters directly and be confident in our efficient service levels coupled with dedicated intermediary support.”
