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Vida Homeloans enhances Specialist Buy-to-Let criteria

05 May 2017

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From today, Friday 05 May, Vida Homeloans have announced enhancements to their specialist Buy to Let criteria as follows: 

  • Improvements on debt consolidation, MUBs, HMOs and SPVs
  • Increase in maximum LTV for portfolios to 80%
  • Reduction in minimum property valuation to £50,000 

Vida has removed all constraints on debt consolidation, allowing capital raising remortgages for any purpose, and removed the need for a floating charge on Special Purpose Vehicles (SPVs) which are set up for property investment. The lender has improved its criteria for Multi Unit Blocks (MUBs) bringing in a minimum valuation per block (rather than per unit) and allowing up to 5 units. Landlords are now required to have just 12 months’ experience of owning a Buy-to-Let property for both MUBs and Houses in Multiple Occupation (HMOs), down from 3 years. Vida still accepts First Time Landlords on standard Buy-to-Let flats or houses and has also increased the maximum LTV on entire portfolios from 75% to 80%, and reduced the minimum property valuation to £50,000. 

Vida’s BTL rental cover requirements are as follows:

  • Basic rate UK tax payers 125% cover with top up from 115%
  • Higher rate UK tax payers 140% cover with top up from 120%
  • Trading limited companies/SPV/LLP 125% cover with top up from 115%
  • HMOs and MUBs from 130% cover 

For more information on rates and criteria visit their website here.

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