Vida Homeloans has announced a series of major enhancements to its mortgage criteria as part of its mission to widen access to homeownership.
As part of the changes, the lender will now offer lending up to 7x loan-to-income (LTI) for applicants earning a minimum of £60,000 per year, with loans available up to 90% loan-to-value (LTV).
The move is aimed at professionals with strong earning potential who are seeking to take their first step onto the property ladder or move up in a competitive housing environment.
In a further shift to broaden affordability, Vida has reduced the minimum income threshold for customers seeking to borrow at 4.5x LTI and above, lowering it from £60,000 to £40,000 per year.
This adjustment allows more borrowers, including those at earlier stages of their careers or with growing income potential, to access up to six times their annual income.
Alongside these affordability measures, Vida has introduced a new 95% LTV product for borrowers in its Vida 6 Credit Tier.
The product is designed for customers with recent adverse credit histories, offering a route into homeownership for those working to rebuild their financial standing.
Vida is also reducing rates across its mortgage range.
Buy-to-let products will see cuts of up to 0.59%, while residential rates will be lowered by as much as 0.65%, helping borrowers access financing at more competitive costs.
Ross Williams, head of product management at Vida Homeloans, said: “These enhancements are always more than just product updates – they’re a reflection of our purpose.
“At Vida, we believe everyone deserves the opportunity to find a place to call home.
“By expanding our criteria and introducing new solutions, we’re making that belief a reality for more people every day.”
Sophie Waugh, mortgage technical manager at John Charcol, added: “Vida’s latest changes are a game-changer for customers who’ve traditionally found it hard to access the mortgage market.
“The increased LTI limits and reduced income thresholds mean more people – especially those early in their careers or recovering from financial setbacks – can now take real steps toward homeownership.
“As a broker, it’s incredibly rewarding to be able to offer solutions that genuinely reflect the realities of our clients’ lives.”
