Vida Homeloans has announced a series of price cuts to its buy-to-let (BTL) range.

The specialist mortgage lender said its reductions will apply to its core BTL range, and to its houses in multiple occupation (HMOs), multi unit blocks (MUBs) and expat offerings.

Reductions will also apply to the Vida Flex product which features three-year early repayment charges (ERCs) on a five-year fixed rate. Vida has designed the flexible mortgage product for “budding BTL investors”, the lender stated, which includes professional and first-time landlords.

The rate cuts mean the Vida 1 HMO/MUB range will now start from 3.29% on a two-year fixed deal at 70% LTV, having been reduced by 40bps, and at 3.69% on a five-year fixed deal at 70% LTV, which is down by 30bps.

Vida confirmed the changes are as part of a “continuing commitment” to offer mortgage intermediaries a wide range of flexible BTL criteria at competitive rates.

“Britain’s private rented sector plays a critical role for millions of people across the UK, but just like many others, landlords have not been immune from economic impact of COVID-19,” commented managing director mortgages, Louisa Sedgwick.

“The long-term implications of the pandemic have created a new generation of borrowers with impaired access to credit, and many more landlords will need the support of lenders who can help them despite their complex circumstances.

“A strong specialist lending sector that offers competitive rates and innovative solutions has therefore never been more important. Our rate changes today, as well the development our Vida Flex range, means we are able to provide landlords with greater choice and flexibility so that they can continue to provide housing for those who need or want to rent.”

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