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|Vida Homeloans added to Paradigm lender panel|
|Wednesday, 22 February 2017|
Paradigm Mortgage Services, the mortgage services proposition, has today (22nd February 2017) added Vida Homeloans to its lender panel.
The addition of Vida Homeloans to the panel means all Paradigm advisers and member firms now have access to the lender’s range of specialist residential and buy-to-let mortgages.
Vida Homeloans recently launched a specialist residential mortgage range with products including two-year variable rates from 2.99%, two-year fixed rates from 3.29% and five-year fixed rates from 3.79%.
It also launched a new fee saver range with no product fees and refunds of valuation and assessment fees after completion (capped at £650).
In the residential space, Vida Homeloans offers mortgages for the self-employed, those with an impaired credit history, those looking to purchase together, contractors/short-work history loans, those seeking to borrow in (or into) retirement), right to buy purchases, let-to-buy, and interest-only/part and part mortgages.
The lender is also active in the buy-to-let space providing mortgages up to 80% LTV for both individuals and limited company/LLPs – both trading and special purpose vehicles. It lends to ex-pat landlords investing in the UK, as well as to those with an impaired credit history and older and retired landlords. Plus its range is suitable for portfolio landlords and it covers houses of multiple occupation (HMOs).
Earlier this month, Vida Homeloans also strengthened its buy-to-let proposition in response to the new PRA underwriting standards. Its rental cover is now 125% for basic-rate UK tax-payers and limited companies, and 140% for higher-rate UK tax-payers. A notional rate of 5% will also apply for pound-for-pound remortgages and rental calculation is based on the higher of product rate or a 5.5% notional rate.
John Coffield, Head of Paradigm Mortgage Services, commented: “We are very pleased to be starting this new relationship with Vida Homeloans, one of a new breed of lenders who have come to market relatively recently and have a fantastic approach to criteria and product provision. Vida recognise that borrowers come in many different shapes and sizes, and that intermediaries are looking for specific, flexible solutions for them. Their recently launched specialist range is firmly aimed at this borrower segment and, alongside its buy-to-let offering, we believe Paradigm advisers will have plenty to talk about with both Vida Homeloans and their own clients. There is a growing choice available in this market segment and at Paradigm we want to ensure that our members have access to the right products and at the right terms. We’re looking forward to working closely with the Vida Homeloans team in order to develop its offering with our members.”
Louise Sedgwick, Director of Sales for Mortgages at Vida Homeloans, said: “We are thrilled to be working with Paradigm to offer its membership a fantastic range of niche mortgage solutions targeted at borrowers who are overlooked by the mainstream lenders, including those recently self-employed, borrowers in or approaching retirement and customers with impaired and improving credit profiles. Vida Homeloans also offers a ‘Buy Together’ range of residential mortgages, which enables up to four applicants to purchase a home together.”
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