Vida Homeloans enhances affordability criteria
Vida Homeloans has today announced it is refining its residential affordability assessments to help borrowers achieve homeownership.
To illustrate the impact of these changes, the lender said that two applicants each earning £25,000 a year with a £300 monthly loan repayment over 25 years and no dependents, could now borrow an additional £17,200 under the new criteria.
Additionally, the lender has launched a new range of limited edition buy-to-let (BTL) products at 75% loan-to-value (LTV), available on a 5-year fixed term. These products come with fee options of 4% and 7%, with rates starting from 3.90%.
Ross Williams, head of mortgage product management at Vida Homeloans, commented:
“Affordability continues to be one of the biggest barriers to home ownership, and at Vida, we’re committed to addressing it head-on. Our mission is to help more people find a place to call home, and that means designing solutions that make a real difference. That’s why we’re following up our popular 3&Easy, 97% LTV proposition with further enhancements to our mortgage affordability calculation, helping applicants borrow more.”
