Vida Homeloans launches new criteria on BTL portfolios

Specialist mortgage lender for intermediaries Vida Homeloans has announced improved criteria following its full market launch just over a year ago.

Vida has introduced a new maximum LTV of 90% for first-time buyers on its specialist residential range, along with a 100% discounted purchase price for right-to-buy and a new maximum loan amount of £1.5 million.

On its specialist buy-to-let range, Vida has increased its maximum loan amount to £4 million on a portfolio of up to 15 properties. The lender will consider flats above commercial premises, including restaurants and takeaways.

Vida’s new mortgage range comes after a lucrative year of trading when it attracted £2 billion worth of decisions in principle (DIPs), £1 billion in applications and over £400 million in completions.

Louisa Sedgwick, director of sales – mortgages at Vida Homeloans, said: “We are always listening to feedback from mortgage intermediaries, at the same time as designing products for borrowers who are currently not well-served by high street lenders.”

“These new criteria improvements are clear evidence of our desire to grow our specialist mortgage lending substantially in 2018.”