Vida Homeloans has announced the launch of a new range of Help-to-Buy (HTB) specialist mortgage products for first-time buyers, movers and remortgagers which includes an option specifically designed for HTB staircasing.

For those purchasing a new home, Vida has included one free standard valuation and a £200 contribution towards legal fees, with 2-year fixed rates from 3.79% for qualifying new builds up to HTB limits - £600,000 in England, £300,000 in Wales and £200,000 in Scotland. Gifted deposits and a HTB ISA (including bonus) are permitted, with builder incentives considered above a customer’s 5% deposit.

Furthermore, the specialist lender is also offering a HTB remortgage option, with 2-year fixed rates from 4.39%. The remortgaging options include both a ‘pound for pound’ product for those wishing to reduce their mortgage payments, as well as a staircasing option for customers wishing to increase their equity stake. Remortgage products include a £0 product fee, one free standard valuation and a £200 contribution to legal fees.

Commenting on the launch, Vida Homeloans director of sales Louise Sedgwick said: “Vida is thrilled to be able to further support the evolving and resilient first-time buyer market by announcing new Help to Buy purchase and remortgage products.

“The Help to Buy scheme has already proved to be of great value to first time buyers, helping to secure their first foot on the property ladder. With the number of first-time buyers reaching a 12-year high last year, it’s vital that the mortgage lending industry does its bit to continue supporting this demographic, driving the market forward.”

Vida’s specialist lending criteria apply to all its HTB products, including a minimum income of £15,000, up to four incomes accepted, impaired credit history and complex incomes considered and competitive new build criteria, including fast-tracked initial offer lasting six months, extendable by another six, and a dedicated new build processing team.

New Homes Mortgage Helpline managing director Terry Higgins added: “The HTB market still holds many opportunities for mortgage intermediaries, especially for those with clients who need specialist mortgages. Vida’s entry into this sector is very welcome and we have already placed several HTB cases with them that we would not have been able to place with high street lenders.”

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