Specialist lender Vida has introduced new limited edition BTL products, and reduced rates across its existing BTL and product transfer ranges.
The limited edition options are available for first-time and portfolio landlords — both individuals and limited company SPVs — looking to invest in individual BTLs and HMO/MUBs.
They offer loans from £200,000 on a two-year fixed rate at 75% LTV, which includes a £4,995 fixed fee.
The products feature Vida’s BTL criteria — there is no minimum income, specialist properties such as flats above/adjacent commercial are accepted, and the ICR is 125% for basic rate taxpayers and SPVs and 140% for higher rate taxpayers.
In addition, the lender reduced rates across its BTL product range by up to 35 bps, and its product transfers by 20 bps.
The firm has also made further enhancements to their credit tiering.
All defaults and CCJs are now ignored if they are under £250, making it easier for customers with smaller credit blips to get a mortgage.
This adverse criteria enhancement applies to both Vida’s residential and BTL ranges.
Helen Cawthra, head of intermediary relationships at Vida (pictured above), said: “These new rate reductions will help our partners to help more of their customers to secure their specialist mortgage at a lower rate.
“The new limited editions will allow a variety of landlords to access products with a lower rate that suits their specialist requirements, with the flexibility of a two-year fix and lower monthly payment for improved stress-testing.
“Additionally, by disregarding any defaults or CCJs under £250 as part of our credit tiering, we can help those individuals who may have had a small, historic credit blip to get a mortgage and find a place to call home.”
