05 May 2017
From today, Friday 05 May, Vida Homeloans have announced enhancements to their specialist Buy to Let criteria as follows:
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:
For more information on rates and criteria visit their website here.