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|Brightstar announces new partnership with Vida Homeloans|
|Wednesday, 09 November 2016|
Brightstar has teamed up with Vida Homeloans to help cater for the underserved areas in the UK mortgage market, including borrowers with specialist requirements.
The new intermediary-only specialist lender, which gained FCA approval in September, aims to ensure that borrowers who do not fit the criteria of high street lenders have access to alternative lending. This includes residential mortgages for the recently self-employed, contractors and those who have an impaired but improving credit record.
The new partnership will assist Brightstar in offering intermediaries even more choice in terms of mortgage products and solutions for clients who have more specialist borrowing circumstances and requirements. In addition, Vida’s new innovative systems, processes and online functionality which aim to support efficient underwriting decisions, will allow the wholesale-funded lender to provide the intermediary community with an effective, efficient and reliable service.
Chris Bramham, Brightstar’s director of specialist mortgages and buy-to-let says, “The UK specialist market has continued to flourish. In fact, the recent wave of new entrants coming to the specialist market is pushing down rates due to the increased competition. This is means more choice for clients looking for even more competitive and flexible specialist solutions. It is clearly time that more intermediaries took advantage of this burgeoning demand and continued to build on this momentum.
“In addition, clients’ needs are continuing to change and, although many borrowers are not meeting the criteria of the usual high street lenders, our partnership with Vida Homeloans is another way to ensure we are continuing to meet the ever-changing needs and expectations of clients.”
Karen Rodrigues, strategic partnership manager at Vida Homeloans says, “Although significant progress has been made in the last 12 months, there are still many underserved segments including older borrowers and interest-only clients. We have therefore stepped up to help plug these gaps and, by working in partnership with Brightstar, we have been able to develop a broad range of criteria-driven mortgage solutions for the intermediary sector.
“Due to the quality of Brightstar’s intermediary relationships and its market knowledge experience in the specialist lending sector, it was an obvious choice as a partner and we now look forward to working with the team to help shape future opportunities in specialist lending.”
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