Vida launches broker service pledge alongside criteria enhancements

Vida has launched a new service pledge, allowing brokers to request a refund of the £180 application admin fee if they have not received excellent service from Vida.

The specialist lender launched V-Hub last year, which allows brokers to speak directly to experts and underwriters throughout their application. Calls to the V-Hub are currently being answered in an average of 9 seconds and emails responded to in 4 hours.

Alongside the launch of the service pledge, Vida has announced a series of enhancements to its products and criteria.

Product highlights include a maximum LTV of 85%, a reduction in the minimum loan size to £50,000, and fee-saver products available across its entire range.

In addition, Vida has increased its loan-to-income ratio to 6x and has extended the list of acceptable visas.

For buy-to-let, Vida will now consider landlords with no experience when purchasing HMOs or MUBs, with MUBs now available up to 6 units.

Only one years’ UK residency is required before application and there are no restrictions on the number of storeys in a block of flats and no requirement for a lift above the 4th floor.

In addition, flats near to or above bars, pubs and petrol stations will now be considered.

Helen Cawthra, head of intermediary relationships at Vida, commented: “As a lending specialist, we are constantly seeking to enhance our offering and to help more people find a place to call home.

"We continue to listen to feedback from our brokers and are delighted that the latest changes to our products and criteria will give them even more options to discuss with their clients. The Vida Service Pledge is just another example of how committed we are to giving brokers the service they deserve."