Vida Homeloans has announced new rate cuts to its Standard, Fee Saver, Help to Buy and Right to Buy products.

The lender suggested the changes are designed to highlight its competitive criteria for residential customers with improving credit profiles – in particular those who have had a complex credit profile in the last 24 months and are not well served by high street lenders.

Vida also revealed it is reducing rates on its buy-to-let range, which includes its Standard, Fee Saver, Expat and HMO/MUB products.

The cuts to Vida’s residential products include reductions by up to 65bps on its two-year fixed rate and up to 45bps on its five-year fixed rate. On the lender’s buy-to-let range, Vida also announced reductions by up to 25bps on its two-year fixed rate, and by up to 60bps on its five-year fixed rate.
 
“Whether it’s an unconventional income pattern or improving credit profile, customers with more complex circumstances have traditionally been underserved by the high street,” Vida managing director mortgages, Louisa Sedgwick, commented.

“At Vida, we can help these borrowers make their property dreams a reality by supporting them with a flexible range of good value products.

“Specialist lending is continuing to grow and has become an important focus for the intermediary sector. With the high street lenders’ perception of a ‘perfect borrower’ not supporting every day customer needs, specialist lenders play a crucial role in helping turn generation rent into generation own by catering for those underserved by mainstream banks and building societies.”

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