New Buy to Let Products from Vida and Foundation

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New five-year fixed rate buy to let products have been launched by Vida Homeloans, with rates lowered by up to 0.75 per cent.

The new products offer the company’s lowest ever rates on Vida 1 criteria.

The interest rate cuts on the Vida products include HMOs, multi-unit blocks, limited companies, loans above £1m and first-time buyers/first-time landlords. The products also offer a reduced fee of 1 per cent.

Director of sales and mortgages at Vida Homeloans, Louisa Sedgwick, said: Vida Homeloans is always keen to offer the best value to both residential and buy to let customers, and that commitment is shown with this change to our five-year fixed rate buy to let product.

She continued: ‘Our aim at Vida is to allow mortgage brokers to secure the best deal for their landlord clients. The fact that specialist niches such as limited companies, HMOs and expats are included makes them even more appealing, and we are confident that we will see a positive response from brokers.’

Meanwhile, Foundation Home Loans have also launched a new ‘Large Loans’ product that will offer buy to let loans of up to £1.5 million.

The new product will be available to both individuals and limited company landlords with prior landlord experience and carries a maximum loan-to-value (LTV) of 65 per cent.

The product also offers a 5-year fixed rate starting at 2.99 per cent, with an interest cover ratio (ICR) of 125 per cent x pay rate for limited companies and 145 per cent for individual landlords.

Andrew Ferguson, commercial director at Foundation Home Loans, said: ‘Having listened to our broker network, we have launched a new buy-to-let product with the capacity to take on larger loans as requested. As with our existing products, the ICRs assigned to our new Large Loan product are no different.’

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