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Vida increases LTV for BTL portfolios

Louisa Sedgwick

Vida Homeloans has announced a number of changes to its specialist buy-to-let range, which includes an increase in the maximum LTV for portfolios.

The mortgage lender has increased the LTV on portfolios to 80%, while reducing the minimum property valuation to £50,000 as it looks to develop the competitiveness of lending criteria. 

Vida has also removed constraints on its debt consolidation to allow capital-raising remortgages for any purpose along with removing the need for a floating charge on special purpose vehicles that are set up for property investment. 

As part of the changes to its range, Vida has improved the criteria for multi-unit blocks as it brings in a minimum valuation per block of up to five units, rather than per unit. 

Landlords will now be required to have just 12 months of experience of owning a buy-to-let property for both multi-unit blocks and houses in multiple occupation and Vida will still accept first-time landlords on standard buy-to-let flats or houses. 

Vida’s buy-to-let rental cover requirements are as follows:

•    Basic rate UK tax payers 125% cover with top up from 115%
•    Higher rate UK tax payers 140% cover with top up from 120%
•    Trading limited companies/SPV/LLP 125% cover with top up from 115%
•    HMOs from 130% cover

“Following some enthusiastic feedback from our partners, this latest refresh of our buy-to-let lending criteria is part of Vida Homeloans’ commitment to offer intermediaries innovation and flexibility in securing the best mortgage deal for their client’s needs,” said Louisa Sedgwick, director of sales for mortgages at Vida Homeloans (pictured above).

“We have made a number of rate cuts recently and we’re confident that this combination of criteria and pricing will prove attractive to our brokers, networks and packager partners.”

The changes come after the lender announced that it had improved its range of fee-saver products by adding free legals for residential mortgages.

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