Vida enhances contractor affordability criteria

The specialist lender has reviewed and enhanced affordability, with self-employed contractors now able to borrow up to 48 times their weekly rate. Vida will also consider contractors from day one with a minimum track record of one year’s employment within the same line of work. Contractors can apply for a mortgage even if they only have three months left on their contracts.

These latest changes follow in the wake of a range of residential and buy-to-let criteria enhancements to extend Vida’s product range, including a bespoke key worker product, a Flex range, an extended Help to Buy range, extending the expat list, as well as making 90% LTV mortgages now available on all houses and flats.

Richard Tugwell, director of mortgage distribution at Vida, said: “As a lending specialist, Vida is a forward looking and nimble business, and our aim is to ensure we consistently deliver a first-class intermediary experience and provide a great range of product options for broker’s clients.

"We are determined to provide attractive, accessible products that support contractors and the wider self-employed market, who have been cut out of traditional high-street lending. We continue to see strong demand from our intermediary partners and want to continue growing our lending and offering a great service to brokers and customers.”