Specialist lender Vida Homeloans has launched a new range of mortgages for credit-impaired customers.
This new ‘Premier’ range will cover both residential and buy-to-let mortgages. It will be targeted at customers with minor credit impairments. Those with CCJs or defaults within the last three years will not qualify.
Rates start at 2.79 per cent for residential mortgages, and from 2.89 per cent for its ‘Premier’ buy-to-let deals. Both are for mortgages up to 70 per cent LTV.
On this range Vida Homeloans says maximum LTVs will be 85 per cent for residential business, and 80 per cent for buy-to-let loans.
This new mortgage range comes after Vida announced new lending criteria last week. This included a maximum LTV of 90 per cent for first time buyers, and a £4m maximum loan for buy-to-let portfolio.
Vida Homeloans director of sales Louisa Sedgwick says this new mortgage range aims to offer “flexibility and value” to both residential and buy to let customers, who may find it difficult to get competitive finance deals, due to their credit history.