Mortgage lender, Vida, has announced that it has made a series of changes to its limited edition buy to let products following heightened demand from landlords.
According to the lender, these changes include extending the maximum loan from £750,000 to £1,000,000, providing greater product choice and flexibility to home buyers requiring larger loans. The four products have a competitive fee structure with a fixed fee of £1,995.
The lender says it has launched both buy to let and residential products aimed at those purchasing more expensive homes, and or requiring larger loans, as borrowers can also have specialist needs which are underserved by the high street.
Vida also reduced rates across its standard buy to let portfolio range. The 75% LTV rates start at 2.94% when fixed over 2 years, and 3.29% over the 5-year fixed-rate products. The 70% LTV product is 3.19% for a 5-year fixed rate.
The help to buy initiative has been a revelation for the UK housing market. It continues to have an important place in assisting new buyers that would otherwise struggle to get onto the housing ladder, into their first homes. After positive feedback from offering their help to buy products as an exclusive proposition, the firm has now made this product available to all intermediaries.
Additionally, the lender also revealed that it launching two new products on its Vida 1 residential range up to 70% LTV, with rates of 2.99% on a 2-year fixed deal and 3.29 fixed for 5 years. Loans start at £750,000 with the maximum loan, £1,500,000.
These latest offerings follow recent price cuts of up to 0.95% to the lender’s residential purchase mortgage products across its Vida 1, 2 and 3 core residential ranges.
Richard Tugwell, Director of Mortgage Distribution at Vida, commented: “These changes demonstrate our commitment to both the specialist residential & buy to let sector. We understand that many landlords have experienced issues with fluctuating income during the Covid-19 pandemic. These latest product changes are aimed at supporting them in achieving their portfolio growth and the latest step in our commitment to evolving our offering to open up new opportunities for intermediaries and reinforce our commitment to helping borrowers who are underserved and undervalued by high-street lenders.”