Intermediary only specialist lender Vida Homeloans is conducting a pre-launch lending pilot in the UK mortgage market.
The new lender, which gained FCA approval last month, will offer a range of residential and buy-to-let mortgages through 3mc, the Buy to Let Club and RHL and is currently undertaking a ‘test and learn’ phase.
It will focus on providing residential mortgages for the self-employed, contractors, borrowing in or into retirement and other borrowers with specialist requirements. It will also introduce a ‘buy together’ home loan for more than two applicants.
On the Buy to Let range the lender will accept applications from individuals, limited companies and trading partnerships. The criteria will also allow portfolios, houses in multiple occupation, UK expats investing in the UK and a rental top up option, allowing surplus earned income to be used in the rental calculation. Residential customers and BTL investors who have an impaired but improving credit record will also be considered.
Vida Homeloans is a trading style of Belmont Green and the lender’s origination platform has been developed with the help of brokers and packagers.
Vida Homeloans chief executive David Tweedy (pictured) says: “There is a significant segment of the market in the UK at the moment that cannot secure a mortgage due to their financial or personal circumstances.
“These underserved pockets of the UK market often find themselves held back due to their choice of career – especially freelancers and the self-employed, or by a life event or credit impairment. We know there’s demand among the intermediary community to help these customers, and that’s what Vida Homeloans is all about.”