Vida Homeloans has launched its lowest-ever rates for residential and buy-to-let business as part of a revamped limited edition range.
Residential rates start at 2.69 per cent for a two-year fix with a £995 fee or 2.99 per cent for a fixed-rate fee-saver product, the latter of which has no product fee, valuation-fee refund up to £650 and free standard legals on remortgages.
Both products are available up to 70 per cent loan-to-value (LTV), with a maximum loan size of £1m.
Buy-to-let rates start at 3.14 per cent for a two-year fix or 3.64 per cent for a five-year fix, both of which are available to 70 per cent LTV and have a product fee of £1,995 for loans up to £250,000.
Vida has upped the maximum loan size for all BTL business to £750,000 and raised the maximum portfolio limit from £1.5m to £2m.
Bob Riach, principal at Scunthorpe-based Riach Financial Advisers, commented: “The rates are competitive for the marketplace they are in. They take self-employed clients with one year’s accounts and people with impaired credit ratings.
“Lenders like this have to offer something different to attract customers. The residential product fee is pretty average and it is good that they are offering an option with no product fee. Sometimes, for clients on smaller-sized mortgages, no product fee can be attractive to them.
“It is good to see lenders on adverse credit offering high-street rates and not ridiculous rates.”
simon.allin@ft.com
