Vida, the lending specialist, has made a range of changes to its criteria for borrowers who are contractors to broaden and improve its product offering and help more people in their home owning journey.
The specialist lender has reviewed and enhanced affordability, with self-employed contractors now able to borrow up to 48 times their weekly rate.
Vida will also consider contractors from day one with a minimum track record of one year’s employment within the same line of work.
Contractors can apply for a mortgage even if they only have three months left on their contracts.
These latest changes follow in the wake of a range of residential and buy-to-let criteria enhancements to extend Vida’s product range, including a bespoke Key Worker product, a Flex range, an extended HTB range, extending the expat list, as well as making 90% LTV mortgages now available on all houses and flats.
This is the first of a number of changes that Vida will be making to improve their offering for the self-employed sector.
Richard Tugwell (pictured), director of mortgage distribution at Vida, said: “As a lending specialist, Vida is a forward looking and nimble business, and our aim is to ensure we consistently deliver a first-class intermediary experience and provide a great range of product options for broker’s clients.
“We are determined to provide attractive, accessible products that support contractors and the wider self-employed market, who have been cut out of traditional high-street lending.
“We continue to see strong demand from our intermediary partners and want to continue growing our lending and offering a great service to brokers and customers.”
