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Vida Homeloans launches second charge pilot

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Vida Homeloans has launched a second charge mortgage pilot scheme.

The lender will sell residential and buy-to-let second charge loans through master brokers CSC Loans and Loans Warehouse.

Brokers will need to register on the Vida website before submitting business to the master brokers.

Vida Homeloans director of sales Simon Burnell says: “After building this new proposition for the seconds market, it’s a great feeling to confirm that our pilot has begun.

“I would like to thank the mortgage intermediaries who have assisted us in this process and we will now fully test the Vida Homeloans second charge mortgage proposition before rolling out further to wider distribution.”

The residential range will include criteria for those with impaired and improving credit history and for customers with short work history.

Up to four applicants are accepted, with all incomes considered.

Buy-to-let criteria includes terms for any trading limited companies, HMOs, MUBs, portfolio landlords and new and retired landlords.

It also covers expats, those with impaired and repaired credit history and those with no minimum income.

Properties over commercial premises will be considered.

The DIP and application process will be paperless.

CSC managing director Mark Fry says: “We are delighted to have been chosen to partner with Vida Homeloans to help facilitate their launch into the second charge market.

“We’re especially excited to be able to offer rates from 4.5 per cent with an interest-only residential product for loans up to £100k up to 60 per cent LTV for the full term of the loan.”

 The lender then wants to widen distribution through selected intermediaries.

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