Specialist mortgage lender Vida Homeloans has announced the launch of a pilot scheme featuring a range of residential and buy-to-let (BTL) second charge mortgages.

Rates start at 4.5% and the range is looking to support residential and BTL customers who are underserved by mainstream lenders.

Criteria highlights for the residential range include: impaired and improving credit history, short work history, interest only to 60% LTV, complex income and low credit score.

BTL criteria includes trading limited companies, HMOs, MUBs, portfolio landlords, new and retired landlords, expats, impaired and repaired credit history and no minimum income.

The new products will be available through master brokers CSC Loans and Loans Warehouse.

The lender is currently running a ‘test and learn’ phase in advance of a wider launch through additional distributors.

Intermediaries must register on the Vida website before advising on second charge mortgage business and submitting it via CSC Loans or Loans Warehouse.

Simon Burnell, director of sales – second mortgages at Vida Homeloans, said: “After building this new proposition for the seconds market, it’s a great feeling to confirm that our pilot has begun.

“I would like to thank the mortgage intermediaries who have assisted us in this process and we will now fully test the Vida Homeloans second charge mortgage proposition before rolling out further to wider distribution.”