Vida Homeloans has announced significant changes to its mortgage portfolio, effectively retracting certain 5-year buy-to-let Limited Edition products.
- These adjustments target the BTL Vida 36 5-year fixed rate at 75% LTV and another similar product for HMOs and MUBs, which cease for new applicants from 6:00pm, 17th October.
- Applicants currently involved with these products must comply with specific deadlines to avoid disruption to their cases.
- Decisions in Principle on affected products require finalisation by the deadline, with ongoing cases demanding complete documentation upload and fee payments by 18th October.
- The withdrawal does not impact other offerings from Vida Homeloans, maintaining the rest of their mortgage lineup unaffected.
Vida Homeloans has declared a targeted withdrawal of select 5-year buy-to-let Limited Edition products. This strategic decision impacts mortgages that are central to particular investment strategies, notably the 5-year fixed rate product at 75% LTV. This product, characterised by a 6% fee, is currently offered at an interest rate of 4.29%. Additionally, a similar 5-year fixed rate offering designed for houses in multiple occupation (HMOs) and multi-unit blocks (MUBs) at 75% LTV is also being withdrawn. This product similarly holds a 6% fee and is provided at a 4.59% rate.
These measures come into effect promptly at 6:00pm on 17th October, a deadline post which new applications for these mortgage products will no longer be accepted. Organisations and individuals currently engaged in securing these mortgages must adhere to stringent timelines. Specifically, any Decision in Principle, an essential preliminary approval step, that references these products must be fully processed by the cut-off time.
For cases already underway, further obligations must be met to preserve the approval track. All necessary documentation must be uploaded and associated fees paid to ensure these cases reach the ‘Application Received’ stage no later than 6:00pm on 18th October. This process underscores a procedural diligence imperative to secure financing agreements prior to the product’s complete market withdrawal.
Interestingly, Vida’s decision to retract these specific products does not interfere with any other components in their current mortgage portfolio. Retaining the stability of their existing offerings highlights Vida’s intent to streamline their product lineup without wider disruption to their mortgage services.
This withdrawal marks a focused adjustment in Vida Homeloans’ mortgage strategy without affecting their broader product range.
