Vida Homeloans has made a strategic decision to withdraw specific 5-year buy-to-let products, effective from October 17, 2024.
- This withdrawal includes the 5-year fixed-rate BTL Vida 36 Limited Edition at 75% LTV, previously offered at 4.29%, and applicable to standard properties.
- Additionally, the product tailored for HMO and MUB at a rate of 4.59% will also be retracted from their offerings.
- Withdrawals will be executed by 6:00 PM today; subsequent applications will be inaccessible for these products.
- Current applications in progress need full documentation and fee completion by October 18, impacting ongoing cases.
Vida Homeloans has implemented changes to its mortgage offerings, specifically targeting their 5-year buy-to-let Limited Edition products. This strategic move is set to go into effect at the end of business on October 17, 2024, and aims to streamline the company’s product range by withdrawing certain offerings.
The withdrawal encompasses the BTL Vida 36 5-year fixed rate at 75% loan-to-value. This particular product, which was previously available to standard property landlords at a competitive rate of 4.29% along with a 6% fee, will no longer be available. In addition, the corresponding product for houses in multiple occupation (HMO) and multi-unit blocks (MUB)—offered at a rate of 4.59% and the same fee—will also be phased out.
These changes are scheduled to take place promptly by 6:00 PM today. After this deadline, new applicants will find these options removed from Vida Homeloans’ portfolio. The emphasis on timing underlines the urgency and finality of the decision, prompting existing customers to promptly finalise their pending applications.
For customers who have already initiated applications involving these soon-to-be-withdrawn products, Vida Homeloans necessitates that all required documents be submitted, associated fees paid, and the application progress to the ‘Application Received’ stage no later than 6:00 PM on October 18, 2024. This ensures that their current application will proceed under the existing terms before the withdrawal takes full effect.
It is crucial to note that these changes have no bearing on other products offered by Vida Homeloans, which remain available to both new and existing clients. This selectivity highlights the company’s aim to refocus and perhaps realign its lending strategies to better fit market demands or internal business goals.
These strategic withdrawals by Vida Homeloans signify a tactical realignment of their mortgage portfolio, potentially reshaping current and future lending offerings.
