Vida Homeloans has made several rate reductions to its limited edition buy-to-let (BTL) products.
The changes include reducing three of its current limited edition BTL products, one of which sees a reduction of 0.25%. The three products have a competitive fee structure with a fixed fee of £1,995.
Rates will now begin at 2.89% for its two-year fixed product while five-year fixes start from 3.14%. Vida also confirmed that SPVs will be accepted across all its BTL ranges, and the deals are available for both purchases and remortgages. The maximum loan available for these products is £1m.
Vida has reported an increasing number of customers in need of lending criteria outside of the high street, and the lender’s director of mortgage distribution, Richard Tugwell, said that the changes were “showing commitment” to the BTL sector.
“This provides an attractive overall total cost to those landlords either seeking to expand or build their existing portfolio,” Tugwell said.
“We have been listening to our intermediaries and despite the challenges the mortgage market has faced over recent years, the UK BTL sector is very much alive, and these changes are aimed at supporting our customers in achieving portfolio growth and reinforces our commitment to offering greater opportunities for intermediaries and their customers locked out of high street lending.”
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