Vida Homeloans cuts its buy-to-let rates

Vida Homeloans has cut its 2-year tracker, 2-year and 5-year fixed rates on buy-to-let products by up to 0.6% and reduced revert rates across its buy-to-let products.

Vida’s 2-year tracker rates have reached 3.24%, its 2-year rates have reached 3.34% and 5-year fixes have reached 3.89%.

Louisa Sedgwick (pictured), director of sales and mortgages, said: “We have quickly established ourselves as a lender with an appetite for specialist residential and buy-to-let business and these changes should ensure that we remain competitive in this important segment of the buy-to-let market.

“We already had some great criteria in areas such as limited companies and SPVs, flats above commercial premises and HMOs up to eight bedrooms. Now we have even more competitive pricing too.”

Vida’s buy-to-let rental cover requirements include basic rate UK tax payers 125% cover with top-up from 115% and higher rate UK tax payers 140% cover with top-up from 120%.

Ying Tan, managing director of Buy to Let Club, added: “With these new rates Vida Homeloans is definitely positioning itself at the top of the buy-to-let charts.

“These changes will help us offer our 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.”

The rates apply to all individual, limited company, and HMO applications.

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