0238 045 6999 | www.complete-fs.co.uk | resi@complete-fs.co.uk
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VIDA Homeloans has enhanced it's proposition
We're keen to tell you that Vida Homeloans has reduced a number of its products by up to 0.35% on Residential and 0.50% on Buy to Let, along with improvements to its lending criteria and service proposition.
Some of their highlights are below, but please call the office for more information:
RESIDENTIAL PRODUCTS
- Rates start from 2.94% for 2 Year Fixed and 3.54% for 5 year fixed. Revert rates have been cut by between 0.10% and 0.20% to aid affordability.
- Vida will now lend up to 90% LTV for home movers with loans up to £400,000.
- Debt consolidation has increased from 70% to 75% LTV across all tiers
- The minimum property value for Ex Local Authority Flats outside of Greater London has reduced from £125,000 to £80,000. The minimum property value for properties inside Greater London stays the same at £200,000.
- Vida's Helping Hand proposition will now also allow children to assist parents to purchase a property using the children's income to support affordability, and not just parents helping children.
- Maximum age at the end of the term is 70.
RESIDENTIAL PRODUCT HIGHLIGHTS
INTEREST ONLY
Up to 75% interest only allows own investment vehicle or downsizing.
MINIMUM INCOME £15K
For at least 1 applicant income from second jobs accepted - 12 month history required.
FEE SAVER RANGE
No product fee one free valuation on properties up to £500k Free standard legals on remortgages.
RIGHT TO BUY PURCHASE
Up to 100% of DPP subject to 75% of OMV. High rise considered
90% LTV
For first time buyers. Up to 90% LTV including product fee. Full gifted deposits considered
IMPAIRED CREDIT HISTORY
Small or life events allowable debt management plans considered Minor unsecured arrears in the last 6 months considered
NEW BUILD
Flats & houses to 90% LTV 6 month offer and up to 6 month extension available now accept completion certificate instead of re-inspection.
HELPING HAND
Parent's income combined with children's to assist with affordability available across the Residential Plus range including 90% LTV for FTB's.
CONTRACTORS & SHORT WORK HISTORY
6 months contract or a rolling 3 month contract renewed at least once only 1 year track record of employment in the same line of work required
'BUY TOGETHER' MORTGAGES
Up to 4 applicants accepted with all incomes considered main applicant minimum age 21.
SELF EMPLOYED
1 year's verified accounts or SA302 Dividends and net profit considered eligible for all products.
BUY TO LET PRODUCT HIGHLIGHTS
- Rates start from 3.14% for 2 Year Fixed and 3.59% for 5 year fixed.
- A new 85% LTV option has been added for loans up to £250,000 subject to the property being outside the M25. Unfortunately, this option is not available to first time buyers/first time landlords.
- Expats:
- Where a BTL applicant is resident in a non-EEA country the maximum LTV has been increased from 65% to 75% LTV (except Australia where it will be limited to 70% LTV).
- The restriction on Expats lending to individuals only has also been removed and will now allow lending to Special Purpose Vehicles (SPVs) when registered in England, Wales and Scotland where a director or shareholder is resident overseas.
- The number of properties per BTL borrower has increased from 15 to 20, and the total number of properties a borrower holds has also increased from 50 to 100.
- The minimum property value for Ex Local Authority Flats outside of Greater London has reduced from £125k to £80k.
BUY TO LET PRODUCT HIGHLIGHTS
EXPATS INVESTING IN UK
For existing UK property owners living or working in over 180 countries No minimum income required
HOUSES OF MULTIPLE OCCUPANCY
Up to 8 bedrooms Just one year's landlord experience required Min 130% rental cover
BTL FEE SAVER RANGE
1 FREE valuation on properties up to £500k £200 contribution towards legal fees.
RENTAL CALCULATION
125% rental income for basic rate tax payers and limited companies. Based on higher of pay rate + 2% or 5.5% (5 year fixed on pay rate)
OLDER AND RETIRED LANDLORDS
Interest only up to 85% LTV Age up to 95 at the end of the term (Ltd company) No minimum income required.
MULTI UNIT BLOCKS
Up to 5 units Just one year's landlord experience required Min 130% rental cover.
TRADING COMPANY OR SPV
Available on any trading limited company with just 1 year's accounts floating charge not required on SPVs
PORTFOLIO LANDLORDS
Up to 20 properties/£4m with Vida Homeloans Up to 100 BTL properties in total with average LTV up to 80% 1 year's landlord experience required.
RENTAL TOP-UP
Will allow surplus income to top up rental income for single units From 115% for basic rate tax payers From 120% for higher rate tax payers
IMPAIRED CREDIT HISTORY
Small or life events allowed Up to 2 CCJs & 2 missed mortgage payments allowed up to 70% LTV
NEW BUILD
Flats & Houses to 85% LTV 6 month offer and up to 6 month extension available Now accept completion certificate instead of re-inspection
For more information call us NOW on
Option 1
0238 045 6999 | www.complete-fs.co.uk | resi@complete-fs.co.uk
9 Compass Point, Ensign Way Hamble, Southampton, SO31 4RA
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Copyright 2018 Complete FS Ltd.
For the use of mortgage intermediaries & other authorised professionals only. Not to be shown to or used with the general public. Your home may be repossessed if you do not keep up repayments on your mortgage.
Registered in England & Wales with Company No. 81635434
Registered Office at Fleming Court, Leigh Road, Eastleigh, Hants, SO50 9PD.