Vida Homeloans cuts rates on BTL products

Vida Homeloans has cut its two-year tracker, two-year fixed and five-year fixed rates on buy-to-let products by up to 0.60 per cent.

The intermediary-only lender has also reduced the revert rates across its BTL range.

Vida’s two-year tracker rates are reduced to 3.24 per cent, its two-year fixed rates to 3.34 per cent and its five-year fixed rates to 3.89 per cent. These rates apply to all individual, limited company and HMO applications.

Vida’s BTL rental cover requirements are as follows:

  • Basic rate UK tax payers 125 per cent cover with top up from 115 per cent
  • Higher rate UK tax payers 140 per cent cover with top up from 120 per cent
  • Trading limited companies/SPV/LLP 125 per cent cover with top up from 115 per cent
  • HMOs from 130 per cent cover

Director of sales Louisa Sedgwick says: – mortgages comments: “We have quickly established ourselves as a lender with an appetite for specialist residential and buy-to-let business, and these changes should ensure that we remain very competitive in this important segment of the buy-to-let market.”