Vida to launch into second charge
Vida Homeloans is piloting a range of second charge residential and buy-to-let products through master brokers CSC Loans and Loans Warehouse.
Rates start from 4.5% and products cater for customers with an impaired and improving credit history, those with a short work history, customers with a low credit score and also later life borrowers.
Brokers are required to register on the Vida website before advising on second charge business.
Simon Burnell, director of sales – second mortgages, said: “After building this new proposition for the seconds market, it’s a great feeling to confirm that our pilot has begun.
“I would like to thank the mortgage intermediaries who have assisted us in this process and we will now fully test the Vida Homeloans second charge mortgage proposition before rolling out further to wider distribution.”
Vida will accept up to four applicants, with all incomes considered.
Buy-to-let criteria will include any trading limited companies, HMOs, MUBs, portfolio landlords, new and retired landlords, expats, impaired and repaired credit history and no minimum income. Properties over commercial premises will be considered.
Vida will use an automated and paperless decision in principle, including document upload and 24/7 case tracking as well as AVMs.
Mark Fry, managing director of CSC Loans, said: “We are delighted to have been chosen to partner with Vida Homeloans to help facilitate their launch into the second charge market.
“We’re especially excited to be able to offer rates from 4.5% with an interest only residential product for loans up to £100k up to 60% LTV for the full term of the loan.”