Vida has made changes to its criteria and simplified its credit tiers by shifting from five tiers to three.
From today, the three tiers — Vida 36, Vida 24, and Vida 6 — are aimed at assisting those with historical adverse or minor blips to access the best rates and products available to them.
The lender has combined its previous Vida 48 and Vida 36 tiers to help support borrowers with historical CCJs or defaults from more than three years ago.
All customers qualifying for Vida 36 will now be offered the lender’s lowest range of rates — even where there are unsecured payments of up to £250 in total — aimed at those who have missed repayments but still have a desire to obtain or switch a mortgage.
Anth Mooney, CEO at Vida (pictured above), said: “We recognise that sometimes people have a minor blip or historical adverse and we want to give these borrowers as good an opportunity as possible to find a place to call home, which is why we have simplified our credit tiers.
“We are always striving to improve our proposition and in a time of increasing interest rates and high inflation, we want to support people with affordability by increasing the types of income we can accept, alongside other criteria enhancements across residential and BTL.”
