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Vida Homeloans

Mortgage Type

Specialist BTL/Commercial

Property Value (min)

Single residential units - £50,000 up to 70% LTV. Over 70% LTV, minimum valuation of £70,000 applies. HMO - £100,000, MUB - £175,000 in L&SE, £125,000 in all other locations. Ex Local authority flats/maisonettes min £80k outside London, £200k in Greater London up to 80% LTV.

Advance (min)

£25,000

Advance (max)

£750,000 to 80% LTV

£1,000,000 to 75% LTV

£1,500,000 to 65% LTV

Term (Max)

40

Minimum Age

21 (Primary applicant), 18 for all other applicants if a direct family member

Maximum Age

85 at the end of the term as standard (not a company structure). 95 at the end of the term for company BTL

Family Cash Gift Deposit

Accepted from close relatives, ie parents, grandparent, sibling, step relatives, child and spouse etc

Family Gift of Equity Deposit

Considered when the property is being purchased from a close relative only - 5% required by the applicants

Income (min)

No minimum income

Restrictions

a. Maximum 20 properties up to a maximum portfolio £4m exposure with Vida per borrower. Max 50 on portfolio size outside of Vida, but overall portfolio average of 80% LTV, regardless of lender.

b. Ltd Co (including trading companies), SPV's acceptable across standard range, with no extra rate loading or fees. Limited Company trading under a different SIC code, 2 year’s trading, 1 year’s accounts & SA302 required.

c. HMO - At least one of the applicants must have a minimum of 12 months’ landlord experience. Up to 8 bedrooms. Minimum value £100,000.

d. Multi Units: - Up to 5 self-contained units on a single freehold. Minimum £175,000 for the freehold block in L&SE, £125,000 in all other regions. At leaser one applicant must have a minimum of 12 months’ landlord experience. From 130% rental cover

e. Corporate lets: acceptable providing they are let directly to a registered provider of social housing or Public Limited Companies (PLC). No limit on duration

Let to Buy (Turning Residential into Buy to Let)

Accepted, providing customer confirms that the property is being let out for investment purposes. Vida can lend on both the BTL and/or residential loan

If BTL is with another lender, we require a copy of the offer

DWP Tenants

DSS Tenants are now acceptable

Ex-Local Authority Properties

Houses are considered up to scheme and LTV limits, and flats/maisonettes £80,000 outside Greater London, £200,000 within up to max 80%, subject to conditions

Minimum years remaining on leasehold property

C&I loans minimum of 40 years lease remaining. I/O or part and part, 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

Yes (unless Ex-Pat).

Ex-Patriates

Yes – British Citizens living or working in FATF member countries or confederations

Max loan £1M and max LTV 75% in EEA, 65% if non EEA

Must currently own a UK property and have at least 3 active credit records

First time landlords acceptable but must own a UK property

Mortgage payments to be made by direct debit from a UK bank account

New Builds

All new builds considered. Mortgage offers valid for 6 months from data of issue and if required we may extend for a further 6 months on the same product.
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Builder’s or Vendor’s deposit: -
Acceptable on new build purchases only providing incentive does not exceed 5% of the purchase price

Credit Score

Credit check only

Rental Calculation

Based on the higher of notional rate or product rate. When £ for £ remortgaging the notional rate is 5% otherwise 5.5% applies. 5 year fixed rate is based on the product rate.
Limited Company – 125% (can top up from 115% with surplus income subject to affordability)
Lower Rate Tax Payer – 125% (can top up from 115% with surplus income subject to affordability)
Higher Rate Tax Payer – 145% (can top up from 120% with surplus income subject to affordability)
HMO/MUB – 130% for Ltd Co and BRT, 140% for HRT (no top up allowed)

Historic CCJ’s & Defaults

Vida 1, No registered CCJs or Default in last 48 months. No Unsatisfied CCJs

Vida 2, No registered CCJs or Default in the last 36 Months. No Unsatisfied CCJs

Vida 3, 1 Registered CCJ or Default in last 24 months (includng unsecured defaults) (0 in last 18 months of £250 or more). Max £5000 unsatisfied CCJs

Vida 4, 2 Registered CCJ's or Defaults in last 24 months (including unsecured defaults) (0 in last 6 months of £250 or more) Max £5000 unsatisfied CCJs

Missed Secured/Mortgage Payments: -

Vida 1: 0 Missed Mortgage/Secured Loan Payment in last 36 months and Maximum Current Status 0 in the last 36 months.
Vida 2: 0 Missed Mortgage/Secured Loan Payment in last 12 months and Maximum Current Status 1 in the last 24 months.
Vida 3: 0 Missed Mortgage/Secured Loan Payment in last 12 months and Maximum Current Status 2 in the last 24 months.
Vida 4: 0 Missed Mortgage/Secured Loan Payment in last 6 months and Maximum Current Status 2 in the last 24 months.

Valuation Fees

Valuation fees paid direct to lender at the lender fee scales. Product fee: loans <= £250k are £1495. > £250k are 1.00%. Can be added to the loan above max LTV limit.

Maximum number of applicants

4 applicants

Countries

Will lend in England and Wales

Access

Access to Vida is available via selected packagers only

Missed mortgage payments

Vida 1 - 0 missed payments in last 36 months Vida 2 - 1 in last 24 months (0 missed payments in last 6 months) Vida 3 and 4 - 2 in last 24 months (0 missed payments in last 6 months)

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).

No lift required if the flat is on one of the first 3 floors above ground, irrespective of the number of floors in the block.
- Will not lend on properties above a public house
- Flat roofs considered on flats.

Flat roofs on flats are considered - Flat roofs on houses are based on valuers comments if greater than 25% of the roof area , and assessed on an individual basis on mortgageability & saleability.

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/ launderettes: Max 60% LTV

Studio flats - 30sqm or more considered.

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 photo-voltaic (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, Wales and Scotland - currently lending in postcodes G, EH, PA (1 to 19 only),
DD, FK, KY, KA, AB (10 to 41, 51 to 55, 99) IV (1 to 32, 36 & 63), and ML.

Type of Credit Search conducted at AIP stage

Soft foot print

Portfolio Landlords

Portfolio Landlords Accepted

Background Portfolio Requirements

– Average 80% LTV for the overall portfolio
– No minimum rental stress requirements

Portfolio Landlord Criteria

– Up to 20 properties with Vida to an aggregate borrowing of £2m
– Maximum 50 properties in total with Vida, other lenders & unencumbered units

Additional Document Requirements

– Portfolio Schedule – All cases
– Business Plan – All cases
– Cashflow Statement – Case by case
– Asset & Liability Statement – Case by case
* Lender will accept client versions so long as covers the lenders minimum requirements