Vida has made rate reductions across its buy-to-let (BTL) product range, with cuts of up to 0.35%.
Additionally, rates on their product transfer range have been reduced by 0.20%. The lender has also launched new buy-to-let limited edition products aimed at individual dwellings and Houses of Multiple Occupancy (HMO)/Multi-Unit Blocks (MUB).
The new limited edition products offer a 2-year fixed rate, a minimum loan size of £200,000, and a fixed fee of £4,995, available at 75% loan-to-value (LTV).
These products cater to a wide range of landlords, from first-time landlords to experienced portfolio landlords, and are suitable for individual landlords and Limited Company SPVs.
They come with Vida’s flexible BTL criteria, including no minimum income requirement, accommodation above or adjacent to commercial properties, and an Interest Cover Ratio (ICR) of 125% for basic rate taxpayers and SPVs, and 140% for higher rate taxpayers.
In addition to the new products and rate reductions, Vida has enhanced its credit tiering criteria by ignoring all defaults and County Court Judgments (CCJs) under £250. This enhancement applies to both Vida’s residential and buy-to-let ranges.
Helen Cawthra, head of intermediary relationships at Vida, said: “These new rate reductions will help our partners to help more of their customers to secure their specialist mortgage at a lower rate.
“The new limited editions will allow a variety of landlords to access products with a lower rate that suits their specialist requirements, with the flexibility of a 2-year fix and lower monthly payment for improved stress testing.
“Additionally, by disregarding any defaults or CCJs under £250 as part of our credit tiering, we can help those individuals who may have had a small, historic credit blip to get a mortgage and find a place to call home.
“Intermediaries can contact the V-Hub to discuss any case and take advantage of these rate reductions. With direct access to our specialist experts and underwriters, intermediaries can be confident in our efficient service levels coupled with dedicated support.”
