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|Vida Homeloans reduces rates and fees on Buy-to-Let offering|
|Wednesday, 22 February 2017|
Vida Homeloans, the specialist mortgage lender for intermediaries, has today announced a fresh wave of updates to its Buy-to-Let range. Vida has reduced its Buy-to-Let product fees by £500 on all loans below £250K (now at £1,495), and by 0.25% on larger loans (now just 1.25%). This represents a fee saving of £1,250 on a £500k loan or £2,500 on a portfolio of £1m.
Vida has also today updated its criteria for the Buy-to-Let market. For New Build or Off Plan Buy-to-Let properties the initial four month offer period can be extended for a further four months on the same product and family members can reside in student let BTL properties. Vida’s BTL rental cover requirements are as follows:
· Basic rate UK tax payers 125% cover with top up from 115%
· Higher rate UK tax payers 140% cover with top up from 120%
· Trading limited companies/SPV/LLP 125% cover with top up from 115%
· HMOs from 130% cover
Louisa Sedgwick, Director of Sales – Mortgages, Vida Homeloans comments: “Vida Homeloans is committed to offering the best value to both residential and buy-to-let customers, and the latest refresh of our BTL rates and fees is part of that commitment. Our aim at Vida is to offer landlords innovation and flexibility in securing the best mortgage deal for their client’s needs, while also ensuring the all-important rate works for their portfolio. We have made a number of criteria improvements and we’re confident that brokers will see the value in what we’re aiming to achieve with this set of changes and will respond positively.”
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