Vida has reduced rates by up to 40bps on buy-to-let products including HMOs and MUBs offerings.
The cuts apply to the lender’s core BTL range, Houses in Multiple Occupation (HMOs)/Multi Unit Blocks (MUBs) and expat offerings.
Reductions also apply to the Vida Flex product, which features three years’ early repayment charges on a 5-year fixed rate.
The lender’s Vida 1 HMO/MUB range will now start from 3.29% on a 2-year fixed deal at 70% LTV, reduced by 40bps, and 3.69% on a 5-year fixed deal at 70% LTV, reduced by 30bps.
Rates now start from 2.89% on the core Vida 1 range for a 2-year fixed rate deal at 70% LTV or 3.29% for a 5-year deal, after having been reduced by 10bps.
Looking to the expat range, rates have been reduced by 5bps, with rates from 3.59% on a 2-year fixed deal at 70% LTV, and 3.89% on a 5-year fixed deal at 70% LTV.
Vida Flex products now start from 3.64% on a 5-year fixed deal at 75% LTV, reduced by 35bps, and 3.99% on a 5-year fixed deal at 75% LTV for HMOs, reduced by 20bps.
Louisa Sedgwick, managing director of mortgages at Vida, said: “Britain’s private rented sector plays a critical role for millions of people across the UK, but just like many others, landlords have not been immune from economic impact of COVID-19.
“The long-term implications of the pandemic have created a new generation of borrowers with impaired access to credit, and many more landlords will need the support of lenders who can help them despite their complex circumstances.
“A strong specialist lending sector that offers competitive rates and innovative solutions has therefore never been more important.
“Our rate changes today, as well the development our Vida Flex range, means we are able to provide landlords with greater choice and flexibility so that they can continue to provide housing for those who need or want to rent.”