Specialist mortgage lender Vida Homeloans has announced significant changes to its specialist buy-to-let range, enhancing its lending criteria and building on its market launch.
The firm has now removed all constraints on debt consolidation, allowing capital raising remortgages for any purpose, and removed the need for a floating charge on Special Purpose Vehicles (SPVs) which are set up for property investment.
Criteria for Multi-Unit Blocks (MUBs) has also been improved, bringing in a minimum valuation per block (rather than per unit) and allowing up to five units. Landlords are now required to have 12 months’ experience of owning a Buy-to-Let property for both MUBs and Houses in Multiple Occupation (HMOs), down from three years.
Vida has increased the maximum LTV on entire portfolios from 75% to 80% and reduced the minimum property valuation to £50,000. It continues to accept first-time landlords on standard buy-to-let flats or houses.
“Following some enthusiastic feedback from our partners, this latest refresh of our buy-to-let lending criteria is part of Vida Homeloans’ commitment to offer intermediaries innovation and flexibility in securing the best mortgage deal for their client’s needs,” explains Louisa Sedgwick, Vida’s director of sales.
“We have made a number of rate cuts recently and we’re confident that this combination of criteria and pricing will prove attractive to our brokers, networks and packager partners.”