Vida raises maximum loan size in BTL revamp

Vida Homeloans has extended its maximum loan from £750,000 to £1,000,000 as part of several changes to its limited edition buy-to-let (BTL) product range.

The specialist mortgage lender stated that it is to provide “greater product choice and flexibility” to home buyers requiring larger loans, with four products that have a fixed fee of £1,995.

Vida has also reduced rates across its standard BTL portfolio range. The lender’s 75% LTV rates start at 2.94% fixed over two years, and at 3.29% over the five-year fixed rate options. The 70% LTV product is 3.19% for a five-year fixed rate.

The latest changes follow recent price cuts of up to 0.95% to the lender’s residential purchase mortgage products across its Vida 1, 2 and 3 core residential ranges.

Vida director of mortgage distribution, Richard Tugwell, said that the changes demonstrate the lender’s commitment to both the specialist residential and BTL sector.

“We understand that many landlords have experienced issues with fluctuating income during the COVID-19 pandemic,” Tugwell said.

“These latest product changes are aimed at supporting them in achieving their portfolio growth and the latest step in our commitment to evolving our offering to open up new opportunities for intermediaries and reinforce our commitment to helping borrowers who are underserved and undervalued by high street lenders.”

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