Vida Homeloans has announced the introduction of a limited edition remortgage-only five-year fixed rate product.
The mortgage has been added to the lender’s Vida 1 buy-to-let (BTL) range, and has a rate of 3.29% up to a maximum LTV of 75%.
Vida, the specialist mortgage lender, confirmed that the product has a 1.5% fee – which can be added to the loan – and will be available on its core BTL criteria such as flats over commercial premises. Landlords using Special Purpose Vehicles (SPVs) will also be eligible.
The move follows Vida’s recent launch of a new range of £1,995 fixed fee BTL products for purchase and remortgage, and Vida director of mortgage distribution, Richard Tugwell, indicated that BTL is currently “a real focus” for the lender.
“Many landlords who have experienced issues with fluctuating income during the COVID-19 pandemic are investing in specialist property types such as flats above commercial premises,” Tugwell said. “That’s when they need the support of specialist lenders like Vida who can help them with their more complex requirements.
“Our new 3.29% five-year fixed rate remortgage product, available up to 75% LTV, gives landlords more flexibility and choice if they are looking to reduce their monthly mortgage payments or extend their BTL portfolios through capital raising.”
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