Vida Homeloans loosens buy-to-let criteria

Mortgage Introducer

May 8, 2017

Vida Homeloans has loosened its criteria on multi-unit blocks, houses in multiple occupation and special purpose vehicles.

The lender is allowing capital raising remortgages for any purpose and has removed the need for a floating charge on special purpose vehicles which are set up for property investment.

For multi-unit blocks Vida is bringing in a minimum valuation per block (rather than per unit) and allowing up to five units.

Landlords are now required to have 12 months’ experience of owning a buy-to-let property for both multi-unit blocks and houses in multiple occupation, down from three years.

Vida has increased the maximum LTV on entire portfolios from 75% to 80% and reduced the minimum property valuation to £50,000.

Louisa Sedgwick, director of sales, mortgages, Vida Homeloans, said: “Following some enthusiastic feedback from our partners, this latest refresh of our buy-to-let lending criteria is part of Vida Homeloans’ commitment to offer intermediaries innovation and flexibility in securing the best mortgage deal for their client’s needs.

“We have made a number of rate cuts recently and we’re confident that this combination of criteria and pricing will prove attractive to our brokers, networks and packager partners.”

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