Vida Homeloans has launched a range of 97% loan-to-value (LTV) residential mortgage products, branded as ‘3 & Easy.’
The aim is to assist long-term renters and first-time buyers in purchasing homes with a lower deposit.
The products are also available to those with adverse credit, complex incomes, and the self-employed and contractors.
The ‘3 & Easy’ range offers 5-year and 7-year fixed-rate options and features a potential loan term of up to 45 years.
In addition to the new products, Vida has increased procuration fees for intermediary partners.
Networks and clubs will receive 0.70% for new business, while packagers will receive 1.10%.
For product transfers, brokers will earn 0.40%.
Helen Cawthra, head of intermediary relationships at Vida Homeloans, said: “The 3 & Easy range can be game-changing for so many people.
“From those who feel trapped in rented accommodation to prospective first-time buyers still living with parents.
“They now have an option to buy their home sooner, with a smaller deposit of 3%.
“The products are also ideal for those young families looking to move on in life to a larger property to better suit their needs, without the need for a large deposit or savings.”
Cawthra added: “As a specialist mortgage lender, we understand that cases can be more complex and time-consuming for brokers.
“So, we always aim to recognise this additional time and effort in the proc fees that we pay.”
