Vida Homeloans has refreshed its buy to let lending range, loosening its criteria on multi-unit blocks as well as houses in multiple occupation and special purpose vehicles.
Vida has joined the throngs of lenders adapting their buy to let range in order to include more flexibility for landlords. The lender has opted to remove the need for a floating charge on special purpose vehicles set up for property investment. It is now also allowing capital raising remortgages for any purpose.
Vida has also changed the lending conditions for multi-unit blocks, and is now bringing in a minimum valuation per block as opposed to per unit, and is permitting up to five units.
There has also been a drop in the minimum experience a landlord must have to borrow. Landlords are now required to have only a minimum of 12 months’ experience in the buy to let sector for both multi-unit blocks and houses in multiple occupation. This marks a significant drop from the previous requirement of three years.
Finally, the lender has increased the maximum Loan To Value (LTV) on entire portfolios from 75 per cent to 80 per cent, as well as reducing the minimum property valuation to £50,000.
Director of sales and mortgages at Vida Homeloans, Louisa Sedgwick, commented on the changes: ‘Following some enthusiastic feedback from our partners, this latest refresh of our buy-to-let lending criteria is part of Vida Homeloans’ commitment to offer intermediaries innovation and flexibility in securing the best mortgage deal for their client’s needs. We have made a number of rate cuts recently and we’re confident that this combination of criteria and pricing will prove attractive to our brokers, networks and packager partners.’