"This also gives them the opportunity to gain a longer work history or repair their credit within the two-year fixed rate period. "
- Helen Cawthra, head of intermediary relationships at Vida
Vida has enhanced its residential range with a new limited edition two-year fixed rate product at 90% LTV.
Available on the Vida 36 credit tier at a rate of 7.34%, the new two-year product is in addition to the five and seven-year fixed options already available. The product comes with a fixed-fee of £1,495.
The new 90% limited edition product is an additional enhancement to Vida’s existing specialist residential criteria which includes adverse credit history, complex incomes and second jobs, self-employed, new build properties and a potential mortgage term of up to 45 years with a maximum age of 80.
Vida has also made rate cuts to two of its five-year fixed rate buy-to-let products by 0.33%. The two products are available on the Vida 36 credit tier up to 75% LTV, with a 2% fee option at a rate of 5.46% and a 4% fee option at a rate of 5.06%.
Vida recently made enhancements to its credit tiering and defaults and CCJs under £250 are now excluded from the product tier allocation, making it easier for customers with smaller credit blips to get a mortgage. This adverse criteria enhancement applies to both Vida’s residential and buy-to-let ranges.
Helen Cawthra, head of intermediary relationships at Vida, said: “We’re pleased to be able to offer yet another 90% LTV product to our residential range to help first-time buyers achieve their home-ownership dream. This also gives them the opportunity to gain a longer work history or repair their credit within the two-year fixed rate period.
"Our reduced rate buy-to-let products will also support landlords and offer stability with the five-year fixed rate and flexibility of two fee options. Brokers should take a look at our Product Switch Hub should have they have any customers coming to the end of their deal looking for a new product or potentially cheaper rate. 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.”
