Vida has made several changes aimed at helping more clients and improving the broker application experience.
The announcement followed its authorisation as a fully licensed bank by the PRA and FCA.
The lender enhanced its affordability model for residential applications, with the aim of making it easier for clients to access the loan amounts they need to get onto the property ladder.
Vida also streamlined the evidence required from customers using personal savings as part of their deposit, tailoring it to the individual circumstances of each application.
Changes to the buy to let criteria include an increase in the maximum loan size for buy-to-let (BTL) applications to £2m for loans up to 75% loan-to-value (LTV), applicable across all credit tiers.
This new limit covers personal BTLs, special purpose vehicles (SPVs), multi-unit blocks (MUBs), and houses in multiple occupation (HMOs).
The revised maximum loan size includes any fees added to the loan.
Vida also reintroduced its BTL limited edition 5-year products, available up to 80% LTV, with options at both 4% and 6% fees for individual units, HMOs, and MUBs.
Helen Cawthra, head of intermediary relationships at Vida, said: “We’re confident our new simplified approach will make a real difference in the amount we are prepared to lend, especially in regions such as London and the South East.
“If brokers have cases that they didn’t think we could help with before, we encourage them to try our updated residential affordability calculator on the Vida Homeloans website.”
Ross Williams, head of mortgage product management at Vida, said: “By increasing our maximum loan size on BTL to £2m, we can support brokers’ higher net worth clients looking to rent out their property.
“We’re also pleased to be able to reintroduce our buy to let limited editions, to offer further options to landlord clients, and to suit those who are seeking a lower monthly payment in lieu of a higher product fee.”
