Specialist lender Vida Homeloans, which offers first and second charge mortgages to customers who may not fit the criteria demanded by high street banks, has launched a new range of mortgages for credit-impaired customers.
This new “Premier” range will cover both residential and buy-to-let mortgages, and will be targeted at customers with minor credit impairments. Those with CCJs or defaults within the last three years will not qualify.
Rates start at 2.79% for residential mortgages, and from 2.89% for its “Premier” buy-to-let deals. Both are for mortgages up to 70% LTV.
Across the new range maximum LTV will be 85% for residential business, and 80% for buy-to-let loans.
This new mortgage range comes after Vida announced new lending criteria last week. This included a maximum LTV of 90% for first time buyers, and a £4m maximum loan for buy-to-let portfolios.
Vida Homeloans’ director of sales Louise Sedgwick says the new mortgage range aims to offer “flexibility and value” to both residential and buy to let customers who, owing to their credit history, may find competitive finance deals hard to get.
Meanwhile, from today [14 March] Skipton Intermediaries is offering additional retention products alongside its current range.
Residential fixed rate deals include new two- and five-year fixes for retention, with rates as low as 1.59% at 70% LTV.
Buy to let fixed rates for retention are offered on new two- and five-year deals with end dates to May 2020, 2021 and 2023. New products are available at 60% and 70% LTV, and there are rate reductions to the three-year fix at 60% LTV retention.
Also as of today, NatWest will be introducing rate changes to its core and semi-exclusive ranges of residential and buy-to-let purchase mortgages and remortgages. It’s also re-introducing the semi-exclusive range, with five-year residential purchase mortgages and remortgages returning. Additionally there will be withdrawals from both core and semi-exclusive NatWest ranges.
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