Vida Homeloans is to roll out distribution of its second charge mortgage range, offering a range of Residential and Buy to Let (BTL) second charge mortgages through master brokers; Loans Warehouse, CSC Loans, Positive Lending, Brightstar, Specialist Finance, Complete FS, Loan.co.uk and Promise Solutions.

Vida has developed a wide range of criteria-driven second charge mortgage solutions for the intermediary market by focussing on residential and BTL customers that are currently underserved by mainstream UK lenders. Rates start at 4.60%.

Residential criteria highlights include impaired and improving credit history (Debt Management Plans considered), short work history, interest only to 60% LTV to suit later life borrowers, complex income and low credit score. Up to four applicants are accepted, with all incomes considered.

BTL criteria include any trading limited companies, HMOs, MUBs, portfolio landlords, new and retired landlords, expats, impaired and repaired credit history and no minimum income. Properties over commercial premises will be considered.

Vida has brought its modern technology platform to second charge mortgage lending, using a fully automated, paperless DIP and application system, including document upload and 24/7 case tracking, and AVMs on BTL and residential property.

Online affordability calculators for both residential and BTL second charge mortgages mean intermediaries can work out what Vida could lend their customers on a residential or BTL property without having to register with Vida or log into its processing system.

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