Vida Homeloans updates its buy to let mortgage ranges, while Newcastle cuts rates on 95% LTV residential rates
Vida Homeloans has made changes to its specialist residential and buy-to-let ranges following broker feedback.
The specialist lender has introduced a new maximum LTV of 90% for first-time buyers as well as 100% discounted purchase price for Right-to-Buy and a new maximum loan amount of £1.5m.
Vida has also increased its maximum buy-to-let loan amount for portfolios of up to 15 properties to £4m. The lender will consider flats above commercial premises, including restaurants and takeaways.
Vida director of sales – mortgages Louisa Sedgwick said:
“Here at Vida Homeloans we always listen to feedback from mortgage intermediaries, at the same time as designing products for borrowers who are currently not well-served by high street lenders.
“These new criteria improvements are clear evidence of our desire to grow our specialist mortgage lending in 2018.”
Elsewhere, Newcastle Intermediaries reduced rates across its two-year fixed rate 95% LTV range. New rates are available from 3.40% with a reservation fee of £199 and a completion fee of £299.
Also on offer is a two-year fix at 3.99% with free standard valuation, 10% overpayments per annum and £500 cashback. Both products allow 10% overpayments per annum. Remortgage customers have the option of either cashback or free legal fees.
Steve Carruthers, head of mortgage distribution at Newcastle Intermediaries, said:
“We’re committed to helping more first-time buyers to get a foothold on the property ladder. These products are designed for borrowers who have a small deposit and are looking for a competitive deal.”