Vida Homeloans has announced several significant price cuts to its residential mortgage products, with rate cuts of up to 95 basis points.
Reductions will apply to the Vida 1, 2 and 3 core residential purchase and remortgage ranges.
The specialist mortgage lender confirmed that its Vida 1 residential range will now start from 3.13% on a two-year fixed deal at 70% LTV – a rate reduced by 46bps – and at 3.49% on a five-year fixed deal at 70% LTV, which has been reduced by 50bps.
Vida has also made a substantial reduction of 95bps to its Vida 1 range for a five-year fixed rate deal at 80% LTV which now has a rate of 3.94% – making this the cheapest product of its kind in the specialist market.
The lender’s newly appointed director of mortgage distribution, Richard Tugwell, commented: “A strong specialist lending sector that offers competitive rates and innovative solutions has never been more important and these rate cuts are just one step towards achieving this.
“Vida is wholly committed to making continuous refinements to its products and services, so that intermediaries and customers have access to the financial solutions they need to achieve home ownership. I am delighted to be joining such a forward-thinking lender as it gears up for growth.”
The specialist lender has also made reductions to its Vida 1 buy-to-let (BTL) and HMO/MUB range by 20bps, at both 70% LTV and 75% LTV.
Vida indicated that the changes are part of a continuing commitment to offer mortgage intermediaries a wide range of flexible residential and BTL criteria at competitive rates.
CEO, Anth Mooney, added: “We have learned a lot over the past 12 months and we now have the opportunity to improve our competitive position and focus on supporting those underserved borrowers whose circumstances have been exacerbated by the COVID-19 pandemic.
“We have invested in new processes, streamlined the way we underwrite, reduced the documentation requirements for intermediaries and recruited new experienced underwriting resources to ensure that our new business capacity is significantly expanded.”
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