Specialist mortgage lender Vida Homeloans has today announced an overhaul of its product range, marking the largest change since the lender launched into the market in October 2016.
Vida has introduced major criteria improvements to its residential and buy-to-let (BTL) product ranges, along with reductions to its pricing and service delivery enhancements.
Following the relaunch, Vida’s residential range will now include a 90% loan-to-value (LTV) product for home movers, as well as a suite of changes to its BTL offering, including an 85% LTV.
Furthermore, other changes to the lender’s residential range include cuts to half of the initial rates, with some dropping by as much as 0.35%, and rates starting from 2.94% over a two-year fixed period and 3.54% for five-year fixed periods.
In addition to these criteria and pricing changes, the specialist lender has made various service enhancements for brokers. A new option called ‘Application Refer’ has been introduced which, if triggered, means an underwriter will review the case before the broker has to pay any fees.
Vida will also now let brokers know what mandatory documents are needed to support an application to ensure a more informed decision is given upfront.
Commenting on the overhaul, Vida director of sales and mortgages Louise Sedgwick said: “This is our biggest product update since our launch into the market in October 2016, and we hope that this move demonstrates our commitment to delivering the best possible specialist mortgage solutions for brokers and their customers.
“I’m confident that these updates to our residential and buy-to-let propositions will be received positively by our broker partners. Not only do they offer greater flexibility and choice, but they also provide genuine affordable solutions for customers. We have also taken broker feedback on-board and have worked hard to improve our service propositions to enable a smoother journey.”
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