Vida Homeloans has announced a series of strategic enhancements to its mortgage proposition. The firm said that the changes reflect its ongoing mission to support underserved borrowers and providers greater flexibility in a changing market. As part of the changes, Vida is now offering lending at up to seven times LTI for applicants with a minimum income of £60,000 per annum up to 90% LTV. It has also lowered its minimum income requirement from £60,000 to £40,000 per annum for customers seeking to borrow at 4.5 times LTI, while it has also introduced 95% LTV products on its Vida 6 credit tier. Vida has also lowered rates on its buy-to-let and residential mortgage products by up to 0.59% and 0.65% respectively.

Leeds Building Society has reduced rates across its residential across its residential and first-time buyer mortgage ranges by up to 35 bps. It has also introduced products for first-time buyers at both 90% and 95% LTV. The products are the latest in a series of updates made by the society, after it reduced household income needed to borrow more than 4.5 time annual income from £40,000 to £30,000. Leeds Building Society said that the new product rates will be further welcome news for brokers, homeowners who are looking to renew their mortgage, those moving house and first-time buyers.

Accord Mortgages has enhanced its criteria for those who do not have indefinite leave to remain (ILR). The intermediary-only lender has increased the maximum LTV for borrowers, where no applicant has ILR from 75% to 90%, as long as minimum income requirements of £50,000 for at least one person, are met. Where applicants have definite leave to remain and do not meet the minimum income rule, Accord will continue to lend up to 75% LTV. For joint applications, where one applicant has ILR, the lender will continue to offer up to 95% LTV. The lender will also accept universal credit as a source of income when assessing affordability, provided that at least one applicant receives earned income.

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