Vida Homeloans has announced it is launching new residential and BTL product ranges.

The specialist mortgage lender has reduced the rates on its residential range for interest only loans over £1m, as well as joint borrower sole proprietor products, excluding its fee saver range. Vida has also enhanced its self-employed contractor criteria, now basing its affordability calculations on a day rate against 46 weeks.

On its BTL range, the lender revealed it has reduced rates for both first-time buyers and first-time landlords, for loans over £1m, and HMOs and MUBs, again excluding its fee saver range – and also that it has removed its previous cap of 100 properties per portfolio.

For self-funding BTL landlords, Vida has reduced its income and employment verification.

The announcement follows the recent launch of Vida’s BTL hub, which uses the eTech platform to improve its portfolio underwriting service to brokers.

Vida director of sales and mortgages, Louisa Sedgwick, said: “This is the most significant product change since we launched three years ago. Vida’s aim is to make specialist mortgages simple and we are always looking for ways to streamline the broker experience and make life easier for our customers to do business with us.

“In the three years since launch we have always listened to feedback and made improvements, and now it’s time to simplify the Vida offering for brokers.

“We continue to see strong demand from our intermediary partners, and we want to continue to grow our lending and offer a great service to brokers and customers. These changes are a planned and necessary part of that process.”

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