Vida's new impaired criteria allows missed unsecured payments

Up to three unsecured missed payments in the last six months (for example on credit cards, catalogues and personal loans) up to a combined total of £250 are now accepted on both residential and buy-to-let mortgages. The new criteria is available on all tiers across both product ranges and on the majority of LTVs.

In addition, 100% debt consolidation is now allowed on residential remortgages up to 70% LTV. Fees can be added above 70% LTV.

Louisa Sedgwick, Director of Sales - Mortgages at Vida Homeloans, commented: “As a specialist intermediary lender which has just celebrated its first anniversary and completed its first securitisation, Vida has built its business on satisfying underserved segments of the market.

"In many situations, people who are late on a recent monthly repayment get penalised when applying for a mortgage, causing frustration, wasting time and losing money from application fees. This latest refresh of our lending criteria is part our commitment to offer intermediaries flexibility in securing the best mortgage deal for clients who may not fit the criteria currently demanded by the High Street.”