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Vida Homeloans confirms portfolio landlord commitment

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Vida Homeloans has confirmed it will continue writing portfolio buy-to-let business when new PRA underwriting standards come in on 30 September.

The lender will launch its portfolio landlord proposition on 28 September.

Vida will allow existing portfolio schedules to be uploaded if they contain its minimum information requirements.

Vida will not ask brokers to enter details on a third-party platform for portfolio cases.

The firm will keep its minimum rental income vs mortgage payment ratio of 125 per cent.

For pound-for-pound remortgages, the notional rates is 5 per cent, otherwise 5.5 per cent applies.

For five-year fixed rate loans the cover rate is based on the product rate.

Vida Homeloans director of sales – mortgages Louisa Sedgwick says: “We are really excited to continue to support buy-to-let portfolio landlords post the PRA changes, and we are making very few changes to our existing underwriting policies and processes to ensure that brokers do not face extra work as a result.”

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