The criteria allows for up to three unsecured, missed payments in the last six months (credit cards, catalogues, personal loans) up to a combined total of £250 on both residential and buy-to-let mortgages and all tiers across both product ranges and on the majority of LTVs.
Additionally, the lender will now allow 100% debt consolidation on residential remortgages up to 70% LTV, while fees can be added above 70% LTV.
- Belmont Green completes £231m UK mortgage-backed securitisation
- Together introduces holiday let product
- Aldermore introduces limited edition BTL remortgage products
Louisa Sedgwick, director of sales – mortgages at Vida Homeloans (pictured above), said: “As a specialist intermediary lender which has just celebrated its first anniversary and completed its first securitisation, Vida has built its business on satisfying underserved segments of the market.
“In many situations, people who are late on a recent monthly repayment get penalised when applying for a mortgage, causing frustration, wasting time and losing money from application fees.
“This latest refresh of our lending criteria is part of our commitment to offer intermediaries flexibility in securing the best mortgage deal for clients who may not fit the criteria currently demanded by the high street.”
Leave a comment