Vida Homeloans has announced new changes to its help-to-buy (HTB) products, cutting its HTB purchase and remortgage rates by up to 0.31%.
Rates will now start from 3.67% and Vida has also announced a new 2-year fixed rate range based on the lender’s 4.8% revert rate special, which has been extended to all tiers.
Vida helps customers who may not fit the criteria currently demanded by high street banks, such as the self-employed, customers with multiple jobs, FTBs, expats and BTL investors. The minimum income level requirement for all loans is £15,000, and up to four separate incomes can be accepted for HTB products.
The specialist mortgage lender’s HTB offering is available up to 80% LTV in Scotland and 75% for purchases in England and Wales. Vida has also become the first specialist lender to offer 85% LTV remortgage when customers are staircasing.
Vida Homeloans director of sales and mortgages, Louisa Sedgwick, commented: “The UK saw over 52,000 new home purchases completed under the HTB scheme in the year up to March 2019, an increase of 9% compared with the year before. It’s clear the much-loved HTB scheme continues to prove its value, helping thousands of people to secure their first home.
“We are pleased to be refreshing our HTB proposition, offering even better rates to further support this evolving and resilient sector of the market.”
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