Vida Homeloans

Mortgage Type

Residential

Property Value (min)

£70,000 for all property types
Ex Local authority flats/maisonettes (80% LTV)
£80,000 outside Greater London, £200,000 within.

Scotland properties - £70,000 - however, please note, minimum loan is £50,000 and this includes properties with cladding.

Advance (min)

£50,000

Up to 6 x loan to income ratio

Advance (max)

£1,000,000 up to 85% LTV up to Vida 6

£750,000 up to 80% LTV (Max LTV in Scotland)

£2,000,000 to 75% LTV

£2,000,000 up to 70% LTV

Large loan range £500,000 to £2,000,000

100% debt consolidation is considered up to a maximum of 85% LTV

Help to buy limits: - £600k England / London, £300k Wales, £200k Scotland

Term (Max)

45 years

Minimum Age

21 years Above 85% LTV, applicants need to be at least 25 with a minimum property valuation of £100,000.

Maximum Age

Maximum retirement age for any applicant is 80 years. Plausibility for working to loan maturity should be evidenced in all cases. Vida as an interim measure, will not lend if applicant/s are in receipt of pension income or beyond Retirement Criteria maximum age of 70 at the end of the term, or age at end of term is beyond customer’s expected retirement age (whichever is the sooner). Applicable to all individual applicants e.g. if more than one applicant on the application

Family Cash Gift Deposit

Accepted from close relatives: - Parent, Child, Grandparent, Spouse/ Partner, Sibling, Aunt/ Uncles Cousins, Niece/ Nephew, Step relatives, Foster Parent or Legal Guardian Overseas Deposit - Deposits from an overseas account can be considered on a case by case basis.

Family Gift of Equity Deposit

Considered when the property is being purchased from a close relative only: - Parent, Child, Grandparent, Spouse/ Partner, Sibling, Aunt/ Uncles Cousins, Niece/ Nephew, Step relatives, Foster Parent or Legal Guardian - 5% required by the applicants Overseas Deposit - Deposits from an overseas account can be considered on a case by case basis. Builder deposit/incentive - Acceptable up to 5% of the purchase price on new build properties Purchase at Undervalue - Acceptable where purchasing from a close relative, or a long term tenant buying from their landlord

Income (min)

£15,000 for applicant 1, not joint.

5.5x income for Key Worker Range
Available to those employed in essential public sector roles: Armed Forces Personnel (Army, Navy, RAF), Firefighters and Police Officers, NHS Clinicians (including Nurses and Paramedics), Teachers and Lecturers in the public sector.

Restrictions

Debt consolidation - Available up to 75% LTV excluding fees. Above 70% LTV, debt consolidation is limited to 50% of the capital raising amount

DWP Tenants

No

Ex-Local Authority Properties

Houses are considered up to scheme and LTV limits.
Flats and maisonettes considered up to 80% LTV with minimum property value of £80,000 (£200,00 in Greater London).

Minimum years remaining on leasehold property

C&I loans minimum of 40 years lease remaining. I/O 70 years remaining

Minimum Ownership

6 months -If less than 6 months, will allow remortgaging from bridging finance provided by other lenders including the roll up of interest and lender fees. Capital raising is not accepted

Permanent rights to reside and remain

All applicants must provide 3 years address history. The latest year must show continuous residency in the UK.

However, Only 1-years’ UK residency required before application.

If married at least one applicant must have permanent rights to reside or indefinite leave to remain, both would need to be applicants on the mortgage but affordability must fit on only the applicant with permanent rights to reside or indefinite leave to remain.

All Non EEA Nationals must be resident in the UK for the last 2 years and have permanent right to reside in the UK.

Extended list of acceptable visas

Foreign Nationals will need to provide evidence of their right to reside in the UK. Those with a permanent right to reside, EU/EEA/Swiss with settled status or indefinite leave to remain can borrow up to scheme limits.
Where residency status is evidenced by one of the following, borrowing is available up to 75% LTV with at least 5% of the deposit coming from either savings or inheritance:

EU/EEA/Swiss and Foreign Nationals

EU/EEA/Swiss with pre-settled status
Family visa
Tier 1 (Entrepreneur Visa only)
Tier 2 (Skilled Worker)
UK Ancestry Visa
British National (Overseas) Visa
Senior or Specialist Worker Visa
Health and Care Worker Visa

Ex-Patriates

Considered, yes.

New Builds

New build - Defined as one that has never been occupied
Offer validity 6 months. Extensions of up to 6 months can be considered Builder deposit/incentive - Acceptable up to 5% of the purchase price
Building Warranty - A warranty should be in place from a suitable provider.

Offers are valid for 6 months which can be extended for up to a further 6 months on the same product subject to credit search, affordability and re-valuation (£96). Monies will be released following provision of a completion certificate.

Credit Score

Customer should achieve a low cut off score to be considered for the range. Vida then select a tier based on exact credit profile, not score, for transparency.

Historic CCJ’s & Defaults

Vida 48, Registered CCJs: 0 in 72 months / Registered Defaults: 0 in 48 months. No unsatisfied CCJ's (unsecured arrears last 6 months - 0)/

Vida 36, Registered CCJs: 0 in 36 months / Registered Defaults: 0 in 36 months. No unsatisfied CCJ's (unsecured arrears last 6 months - 1)/

Vida 24, Registered CCJs: 0 in 24 months / Registered Defaults: 0 in 24 months. Max £1000 unsatisfied CCJs (unsecured arrears last 6 months - 2)/

Vida 12, Registered CCJs: 0 in 12 months / Registered Defaults: 0 in 12 months. Max £2,500 unsatisfied CCJs (unsecured arrears last 6 months - 2)/

Vida 6, Registered CCJs: 0 in 6 months / Registered Defaults: 0 in 6 months. Max £5,000 unsatisfied CCJs (unsecured arrears last 6 months - 3)/

Valuation Fees

Paid direct to lender and related to lender fee scales

Maximum number of applicants

4 applicants (all 4 incomes considered)

Countries

Will lend in England, Scotland and Wales

Access

Access to Vida Homeloans is through a selective panel of packagers, one of which is 3mc

Missed mortgage payments

Vida 48, 0 missed mortgage/secured loan payments in the last 12 months, maximum worst status, 0 in the last 36 months. Vida 36, 0 missed mortgage/secured loan payments in the last 36 months, maximum worst status, 3 in the last 24 months. Maximum missed payments combined value - £500 Vida 24 0 missed mortgage/secured loan payments in the last 12 months, maximum worst status, 3 in the last 24 months. Maximum missed payments combined value - £500 Vida 12, 0 missed mortgage/secured loan payments in the last 12 months, maximum worst status, 3 in the last 24 months. Maximum missed payments combined value - £500 Vida 6, 0 missed mortgage/secured loan payments in the last 6 months, maximum worst status, 3 in the last 24 months. Maximum missed payments combined value - £500

Property Type / Commercial

Flats LTV's available up to scheme limits. High rise flats must have a lift if over 4 floors (Ground+ 3 floors).
High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer’s comments on mortgageability & saleability

Flats above commercial Flats situated above commercial premises: Max 75% LTV
premises Flats situated above restaurants/ takeaways/ public houses/launderettes: Max 60% LTV

New Build Accepted up to scheme limits. Vida Homeloans define a new build property as a property that has never been occupied and must have suitable warranty

Properties off-plan Not accepted

Max LTV Up to scheme limits except where restrictions apply

Flat Roofs Accepted

Solar Panels Consent to roof space leases for the installation of photovoltaic (solar) panels, can be agreed subject to the joint CML and BSA published minimum requirements being met

Limited Companies & Partnerships
Minimum & Maximum Number Minimum 1
of Shareholders/Directors Maximum 4

Business Classification • 68100 Buying and selling of own real estate
SIC Codes) for SPV's only

• 68209 Other letting and operating of ow n or leased real estate
• 68320 Management of real estate on a free or contract basis
• 68201 Renting and operating of Housing Association real estate

Company Registration England & Wales Only
Trading Companies Acceptable. If existing Limited Company trading under a different SIC code, 1 year’s Accounts & SA302 required

Location

Will lend in England and Wales

Type of Credit Search conducted at AIP stage

Soft foot print

Shared Ownership

No

Right to Buy (RTB)

See product guide for more information.
Purchase only.
Acceptable for schemes operated by recognised local authorities/housing associations.
Vida can consider high rise - refer to lender.
Purchase up to 100% Discounted Purchase Price and subject to the loan not exceeding 75% of the OMV.

A copy of the Section 125 Right to Buy is required, giving details of the property valuation and the discount offered.

All persons named on the Section 125 will also need to be on the application

Debt Management Plan

Yes, providing its been satisfactorily conducted

Help To Buy (Shared Equity)

HTB England, London, Wales, and Scotland shared equity schemes for the purchase of new build properties
Max LTV Purchase up to 75% LTV in England, London, and Wales, 80% in Scotland Max property value £600,000 in England, £300,000 in Wales, £200,000 in Scotland

Purchase Gifted deposits and HTB ISA (& bonus) accepted
Builder incentives considered in addition to customers’ 5% deposit
Remortgage - up to 80% LTV remortgage when staircasing
New Build criteria - fast-tracked initial offer lasting 6 months, extendable by another 6
Minimum income £15,000
Gifted deposits accepted, builders incentives considered
Impaired credit history considered - see product guide
Self employed minimum 1-year trading
Contractors & short work history

Scotland First Home Fund - 80% LTV
Availability - Up to £25k towards the purchase of both new build and existing stock. No upper limit on property value however, at least one applicant needs to be an FTB

Ex-Bankrupts

None in the last 6 years on core range - • 1 year bankruptcy instead of 3 years considered • Adverse within last 6 months considered On Packager range. Bankruptcy/IVA/DRO/Trust Deed discharged over 6 years Previous Repossession in last 10 years not acceptable

IVAs

None in the last 6 years Bankruptcy/IVA/DRO/Trust Deed discharged over 6 years Previous Repossession in last 10 years not acceptable

Repossessions

No repossessions within the last 10 years

Payday Loans

Refer - cannot show a reliance on them

Repayment Types

Capital & Interest loans up to 85% LTV. Interest Only up to 70% across all tiers.

Lenders completion fee

Can be added to the loan above max LTV

Affordability

Affordability based

Employment

Employed for at least 3 months. 100% of the following; Income from trust funds, Rental Profit, Investment incomer supported by SA302, Occupational pension income, Second and other jobs providing 12 months record, Car allowance, shift allowance, London/Large Town Allowance, Housing allowance. 75% of the following; Regular annual/monthly bonus. 50% of the following; Non regular bonus & commission, Overtime or Profit related pay, Universal credit/child/working tax benefit, Income related employment and support allowance, Disability/Carers allowance.

CIS workers now only need to provide 1 year’s SA302 and tax year overview along with the last 3 months' payslips or invoices
48x weekly rate for self-employed contractors
Day 1 contractors considered where at least a 1 year track record of employment within same line of work
Umbrella contractors considered.

Key Worker Mortgages are for essential skilled workers employed in the public sector who provide vital community services. Please note that self-employed individuals, contractors and supply staff via agencies do not qualify for our Key Worker Scheme products.

The product range accepts applicants from the Armed Forces (Army, Navy and RAF), Public Sector Teachers (including Primary, Secondary, Sixth Form teachers and College/University lecturers/professors), NHS Clinicians and Nursing staff, Ambulance drivers, Paramedics, Police Officers and Firefighters.

At least one party on the application must be a Key Worker.

Self Employed

Minimum 12 months trading period with 1 years accounts or SA302 and tax year overview.
Applications will be considered as long as there is a minimum of 1 years verified accounts or an Accountants reference.
Where the applicant is a Sole Trader or LLP/Partnership, 1 years SA302's and Tax Year Overviews will be acceptable.
All self-employed income will be verified by accounts that must be certified by qualified accountant or where applicable, the SA302. Where the trading period is over 2 years, 2 years evidence of income will be required.

48x weekly rate for self-employed contractors
Day 1 contractors considered where at least a 1 year track record of employment within same line of work
Umbrella contractors considered.

Share of Dividends Yes
Share of Directors remuneration Yes
Share of directors car allowances Yes
Share of directors pension contributions Yes
Share of use of home as office Yes
Share of private health insurance No
Share of spouse's income (sole app) No
Operating profit No
Retained net profit No

Condition

Joint Borrower Sole Proprietor expanded to more family members
Acceptable Visas extended with just one years UK residency required
Right to Buy / Acquire products
Flats adjacent commercial properties - pubs and petrol stations now considered
No restriction on storeys in high rise buildings, no requirement for lift above 4th floor
Coach houses now accepted