According to the lender, the changes are part of their continuing commitment to offer mortgage intermediaries a wide range of flexible BTL criteria at competitive rates.
The Vida 1 HMO/MUB range will now start from as low as 3.29% on a 2-year fixed deal at 70% LTV, reduced by 40bps, and 3.69% on a 5-year fixed deal at 70% LTV, reduced by 30bps.
Other rate changes to the specialist lender’s BTL offering include rates starting from 2.89% on the core Vida 1 range for a 2-year fixed-rate deal at 70% LTV or 3.29% for a 5-year deal, reduced by 10bps. Expat range rates reduced by 5bps, with rates from 3.59% on a 2-year fixed deal at 70% LTV, and 3.89% on a 5-year fixed deal at 70% LTV. Vida Flex products from 3.64% on a 5-year fixed deal at 75% LTV, reduced by 35bps, and 3.99% on a 5-year fixed deal at 75% LTV for HMO’s, reduced by 20bps.
These latest rate changes follow the launch of Vida Flex, which offers BTL landlords early repayment charges of just three years on a five-year fixed rate deal. The product allows specialist properties such as HMOs and MUBs, is available to SPVs and has no minimum income requirement. The flexible mortgage product is designed for budding BTL investors, including professional and first-time landlords, as the lender continues its mission to change mortgages for good and help Britain’s underserved borrowers find a safe place to call home.
Louisa Sedgwick, Managing Director Mortgages at Vida, commented: “Britain’s private rented sector plays a critical role for millions of people across the UK, but just like many others, landlords have not been immune from the economic impact of COVID-19. The long-term implications of the pandemic have created a new generation of borrowers with impaired access to credit, and many more landlords will need the support of lenders who can help them despite their complex circumstances.
“A strong specialist lending sector that offers competitive rates and innovative solutions has therefore never been more important. Our rate changes today, as well the development of our Vida Flex range, means we are able to provide landlords with greater choice and flexibility so that they can continue to provide housing for those who need or want to rent.”
