Vida Homeloans cuts buy-to-let fees
Vida Homeloans has reduced buy-to-let product fees by £500 for loans below £250,000 and by 0.25% on larger loans.
The lender now charges a product fee of £1,495 on loans under £250k and 1.25% on larger loans.
Louisa Sedgwick, director of sales, mortgages at Vida Homeloans, said: “Vida Homeloans is committed to offering the best value to both residential and buy-to-let customers, and the latest refresh of our buy-to-let 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.”
Vida has also updated its buy-to-let criteria so 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