Mortgage lender Vida has announced cuts to its mortgage rates, offering some relief to both homeowners and landlords.
The reductions apply across Vida’s range of products, including:
- Buy-to-let mortgages: Rates cut by up to 0.25%
- Residential mortgages: Rates cut by up to 0.30%
- Product transfer retention mortgages: Rates cut by up to 0.35%
This means that borrowers could potentially save hundreds of pounds a year on their mortgage repayments.
Who can benefit?
Vida specialises in providing mortgages to borrowers who may have more complex circumstances, such as:
- Adverse credit history
- Complex incomes and second jobs
- Self-employed individuals
- First-time buyers and landlords
- Non-standard properties (e.g., flats above commercial premises, new builds, HMOs, and MUBs)
Product Transfers Made Easy
Existing Vida customers nearing the end of their current mortgage deal can also take advantage of these reduced rates through a simple product transfer. This can be done online through Vida’s Product Switch Hub or by speaking to a mortgage broker. The process only takes 15 clicks, and borrowers can secure a new rate up to six months before their current deal ends.
Easier Access for Borrowers with Minor Credit Issues
In addition to the rate cuts, Vida has also made changes to its lending criteria, making it easier for borrowers with minor credit issues to qualify for a mortgage. Defaults and County Court Judgements (CCJs) under £250 will now be disregarded. This change applies to both residential and buy-to-let mortgages.
Vida’s Commitment to Supporting Borrowers
Helen Cawthra, head of intermediary relationships at Vida, commented: “With the recent base rate change we are delighted that we can bring these price reductions to our partners and customers across our ranges.”
She emphasised Vida’s dedication to providing efficient service and support through its intermediary partners. Brokers can discuss cases directly with Vida’s specialist experts and underwriters, ensuring a smooth and reliable mortgage process.