Vida Homeloans is conducting a pilot in the second charge mortgage market, offering a range of residential and buy to let second charge mortgages through two selected master brokers – CSC Loans and Loans Warehouse.
The lender is undertaking a ‘test and learn’ phase in advance of a wider launch into the market through additional distributors. During the pilot phase, intermediaries will be required to register on the Vida website before advising on second charge mortgage business and submitting it via CSC Loans or Loans Warehouse.
Residential criteria highlights include impaired and improving credit history (debt management plans considered), short work history, interest only to 60% LTV to suit later life borrowers, complex income and low credit score. Up to four applicants are accepted, with all incomes considered.
BTL criteria include any trading limited companies, HMOs, MUBs, portfolio landlords, new and retired landlords, expats, impaired and repaired credit history and no minimum income. Properties over commercial premises will be considered.
Vida will be bringing its technology platform to second charge mortgage lending, using a fully automated, paperless DIP and application system, including document upload and 24/7 case tracking, and AVMs on BTL and residential property.
Vida Homeloans director of sales - second mortgages Simon Burnell commented: “After building this new proposition for the seconds market, it’s a great feeling to confirm that our pilot has begun. I would like to thank the mortgage intermediaries who have assisted us in this process and we will now fully test the Vida Homeloans second charge mortgage proposition before rolling out further to wider distribution.”
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