Vida announces return to intermediary market

Vida Homeloans has announced a full return to the intermediary mortgage market, as well as the launch of a new AI-driven chatbot.

The relaunch also sees the lender offering a full suite of mortgage products across both its residential and buy-to-let (BTL) ranges.

The new chatbot, called My Intelligent Lending Operative (MILO), will help intermediaries find information about Vida’s products and criteria quickly and easily. The tool has also been designed to learn from every interaction, with Vida suggesting this will allow the lender to adapt and improve its broker communications.
 
The lender has also introduced a redesigned website for brokers providing them with an interface and no-scroll access to all products and criteria.
  
“Our mission at Vida has always been to support Britain’s underserved borrowers and we’re delighted to announce our return to the mortgage market,” Vida managing director mortgages, Louisa Sedgwick, commented.

“But today is more than just a relaunch – it is a fresh start for Vida. Over the past few months, we have been planning and developing a new proposition that meets the wider needs of more borrowers in today’s market, and we are returning to new business with a renewed ambition to change mortgages for good.
 
“The specialist lending market is set to grow as more customers will no longer fit high street lending criteria, whether that be due to insecurity of income, furlough, payment holidays, sickness, or other credit issues. We want to help as many of these borrowers as possible, and our innovative products, technology and new approach to lending will allow us to achieve that.”

Vida revealed it has maintained a full range of lending criteria, with a product structure that includes a standard residential range for two and five year fixes up to 85% LTV, a standard BTL range up to 85% LTV, as well as the lender’s expat BTL offering which is up to 75% LTV.
 
The lender has also unveiled new supportive criteria for customers impacted by the Government’s furlough scheme, payment holidays and bounce back loans.
 
“I have been very impressed with the way that Vida has been very transparent about its plans and how they were working through this period,” added SimplyBiz Mortgages chief executive, Martin Reynolds.

“It is therefore really positive to see them relaunch their new product range with the wide-ranging criteria, support and product pricing that we have come to expect from them. The market and our members will welcome the opportunity to re-engage with them.”

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