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Vida Homeloans updates criteria for credit impaired borrowers

Specialist lender Vida Homeloans has introduced new lending criteria for customers with impaired and improving credit records.

The intermediary-only lender will now accept up to three unsecured missed payments in the the six months up to the point of application (for example on credit cards, catalogues and personal loans) up to a combined total of £250 on both residential and buy-to-let mortgages.

The new criteria is available on all tiers across both product ranges and on the majority of LTVs.

In addition, 100 per cent debt consolidation is now allowed on Residential remortgages up to 70 per cent LTV. Fees can be added above 70 per cent LTV.

Vida Homeloans director of sales – mortgages Louisa Sedgwick says: “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 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.”

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