Vida has launched a sequence of enhancements throughout its buy-to-let and residential product ranges.
The specialist lender has repriced a lot of its buy-to-let vary, delivering price cuts of up to 0.51% to assist landlords in a aggressive market.
The minimal mortgage dimension for chosen Limited Edition BTL merchandise has been decreased from £200,000 to £150,000, broadening entry to extra shoppers.
The lender has refined its Interest Coverage Ratio (ICR) standards to higher replicate borrower tax standing: this features a new Blended ICR of 135% launched for functions involving each primary and increased price taxpayers, a discount of 5% from Vida’s present strategy.
For a better price taxpayer ICR has elevated from 140% to 145%; for primary price and SPV, ICRs stay unchanged at 125%
Vida has briefly elevated the utmost allowable dimension for HMOs from 6 to 8 bedrooms and for MUBs from 6 to 8 models
These adjustments apply to properties held on a single freehold title, with valuation thresholds remaining unchanged.
Vida has additionally repriced its residential vary, with reductions of up to 0.54% throughout new enterprise merchandise.
And the lender has up to date its Residential Affordability Calculator, together with an additional discount within the two-year stress price.
Commenting, Vida head of product administration Ross Williams mentioned: “These enhancements replicate our ongoing dedication to evolving with the market and supporting brokers with merchandise that meet the real-world wants of their shoppers.”
