Vida Homeloans has made several changes to its buy-to-let (BTL) and residential mortgage products.
The lender has cut rates by up to 0.51% on many BTL products and by up to 0.54% across new residential mortgages.
The minimum loan size for selected limited edition BTL products has dropped from £200,000 to £150,000.
Additionally, Vida has updated its interest coverage ratio (ICR) policy.
A new blended ICR of 135% now applies to cases involving both basic and higher rate taxpayers, down 5% from before.
The ICR for higher rate taxpayers has increased from 140% to 145%. ICRs for basic rate and special purpose vehicle (SPV) borrowers remain at 125%.
The lender has also temporarily raised the maximum size for houses in multiple occupation (HMOs) from six to eight bedrooms, and for multi-unit blocks (MUBs) from six to eight units.
These changes apply to properties held on a single freehold title.
On the residential side, Vida has improved affordability by making changes to its calculator, including a reduction in the 2-year stress rate.
Ross Williams, head of product management at Vida, said: “These enhancements reflect our ongoing commitment to evolving with the market and supporting brokers with products that meet the real-world needs of their clients.
“Whether it’s sharper pricing, broader criteria, or improved affordability, we’re focused on helping intermediaries deliver better outcomes.”
