Vida pulls products, moves resi options to remortgage only

Essex Home Finance
Vida Homeloans will withdraw its Help to Buy, first home fund, and Right to Buy products on Wednesday this week.
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As well as this, the lender is removing its suite of 80 per cent LTV buy-to-let options and moving its remaining residential products on to a remortgage basis only.

Vida is also increasing the minimum loan size for all BTL and residential products to £150,000.

The lender says that decisions in principle for existing products must be submitted by 8pm on Tuesday 24 November.

In a note to brokers, it adds that for new decisions in principle or pipeline cases affected by these changes, all documents must be uploaded with all fees paid and with the case progressed to applicated received by 8pm on Thursday 26 November.

“We continue to receive an overwhelming response from our intermediary partners and are receiving unprecedented application volumes.

“As a result, we are temporarily withdrawing a further selection of products and amending some elements of criteria to focus on improving service levels for intermediaries who have already submitted cases to us,” Vida explains.

Original Article from Mortgage Strategy 23/11/2020

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