Vida Homeloans is now offering free legals for residential remortgages and has increased the maximum loan-to-value (LTVs) available on certain products.
As well as free legals, borrowers opting for the specialist lender’s Fee Saver range also benefit from no product fee and the refund of their valuation and assessment fee after completion.
For those looking to minimise their upfront costs, the lender has raised maximum LTVs by 5 per cent on Vida three, Vida four, Vida five and Vida six products, which are available to borrowers with impaired credit history.
Louisa Sedgwick, director of sales for mortgages at Vida Homeloans, said: “We’ve received a fantastic response from the market for our residential Fee Saver range and are delighted to be able to enhance it further by adding free legals for remortgage cases with no additional cost to the customer.
“Our rapid growth in the specialist residential and buy-to-let mortgage sectors has been based on feedback from brokers, packagers and networks and this response to market demand makes our Fee Saver range even more attractive, particularly when combined with our flexible lending criteria and increased LTVs.”
Michael O’Brien, director at Dagenham-based Access Financial Services, said: “I think the competition seems to be hotting up with the amount of new entrants in the market, and they are looking to compete with the High Street banks by offering free legals. It is welcome news.”
simon.allin@ft.com
