A leading buy-to-let broker has partnered with a new lender to improve its selection of offerings.
Commercial Trust has added Vida Homeloans to its panel of lenders, allowing the firm to offer a new range of products to clients with a variety of specific needs. This includes those with impaired credit, limited companies, limited liability partnerships or expats eager to invest in the UK rental market.
The products that Vida offers to those with impaired or repaired credit are scaled according to the circumstances of the client. More favourable rates are offered for those with lesser issues.
What’s more, Vida is one of the few lenders willing to cater their products towards expats who are looking to invest in the UK property market. Expat applications receive no extra fees or rates, potentially offering a solution to borrowers who have struggled to secure lending in this niche part of the market.
Despite the recent mortgage affordability changes that have swept through the buy-to-let sector, Vida’s rental coverage calculations have stayed at 125% for basic rate taxpayers and limited companies. This could mean that bigger loan sizes are on offer to applicants.
The upcoming changes to mortgage interest tax relief – phased in from April this year – has led to an upsurge in the number of UK landlords considering moving their property portfolios into a limited company structure, thereby offsetting the worst aspects of the new legislation. As such, Vida has ensured that all their products are available at no extra cost to those applicants transferring to a limited company. In addition, the maximum age limit at the end of a mortgage term for limited company applicants has been upped to 95 years old.
“We are pleased to be working with a lender who offers a different approach to buy-to-let mortgages,” Andrew Turner, CEO of Commercial Trust, commented.
“With Vida Homeloans you have a criteria-driven product range that caters for clients who sometimes fall between the cracks with other lenders.”
Louisa Sedgwick, Director of Sales at Vida Homeloans, said of the new partnership: “We are delighted to make our specialist buy-to-let products available through Commercial Trust and we look forward to helping them find the right solutions for clients who may find it hard to secure mortgage finance from high street lenders.”