Vida Homeloans to remove deals across BTL Vida 1 and 2
Vida Homeloans has announced that it will be withdrawing products across its BTL Vida 1 and 2, including fee saver, HMO/MUB and expat ranges by close of business 17 March.
It will also be temporarily removing the residential fee saver product range.
DPIs for these current products must be submitted by the end of 17 March, and progressed to a full mortgage application by close of business 27 March.
The lender outlines that after this date a customer must select a product from the new BTL range.
From 18 March, the lender’s 2-year and 5-year fixed rate BTL products will rise by 0.50%.
The maximum loan to value for Vida 1 and Vida 2 products will remain unchanged at 85% LTV and 80% LTV respectively.
The amendments to Vida 1 and Vida 2 exclude FTB’s/FTL’s and properties inside the M25.
Furthermore, there will be no movement on rates for products within the Vida 3 and Vida 4 ranges.
A spokesperson for Vida Homeloans said: “Rates remain unchanged for Vida Homeloans’ residential range, with customers still able to access the reduced rates announced earlier this month as part of Vida’s spring rate cuts.
“All residential products come with the standard product fee of £995, with the residential fee saver offering on hold as of 18 March.
“Vida Homeloans remains committed to working with our intermediary partners to serve the BTL and specialist residential markets and we continue to review our rates on an on-going basis.”