Vida Homeloans, a specialist mortgage lender for intermediaries, has launched a range of residential and buy-to-let mortgages.
The Vida Premier range has rates starting from 2.79 per cent for specialist residential mortgages and 2.89 per cent, both up to 70 per cent loan-to-value (LTV), for specialist buy-to-let business mortgages.
Maximum LTVs are 85 per cent for residential and 80 per cent for buy-to-let.
Louisa Sedgwick, the company's director of mortgage sales, said: "Vida Homeloans is committed to offering flexibility and value to both residential and buy to let customers, and the Vida Premier range is part of that commitment."
Vida Homeloans focuses on specialist mortgages for first and second charge residential and buy to let customers who may not fit the criteria currently demanded by high street banks. It said its Premier product range is available to customers with slightly impaired credit histories, but who must not have had a county court judgement or default in the past three years.
The company recently changed its lending criteria after feedback from brokers. It introduced a maximum 90 per cent LTV for first time buyers and a £4m loan maximum for buy to let portfolios, and said it would consider lending on flats above commercial premises.
Vida’s new mortgage range comes after a first year of trading which saw it attract £2bn in decisions in principle, £1bn in applications and more than £400m in completions.
Paul Dorward, mortgage adviser at PAD Financial, said as Vida Homeloans is willing to lend to people with credit 'blips', these products could be worth a look.
"The rate sounds OK. For the area they are working in, it seems quite competitive but, as with anything, you have to also consider the fees and whatever else they are looking for."
David Hollingworth, mortgage expert at L&C Mortgages, added: "Vida is a lender aiming to fill the specialist niche areas rather than go head to head with the big, mainstream lenders.
"As a result, the rates won’t be found on many best buy tables but, when combined with its criteria, can offer a real alternative for cases that fail to tick some of the mainstream boxes.
"Of course, any improvement in pricing will only help to make Vida a more competitive option for specialist and niche cases."
