The specialist mortgage lending sector continues to attract high volumes of applications from borrowers who are currently underserved by mainstream lenders. As a result, Vida has taken the decision to make temporary changes to its product range.
Louisa Sedgwick, pictured, Managing Director Mortgages at Vida, commented:
“Following our relaunch back into the intermediary market in September, we have received an overwhelming response from our intermediary partners and are seeing unprecedented application volumes. As a result, we are temporarily withdrawing a number of our products in order to protect our service to intermediaries and their customers.
We anticipate having to maintain a smaller product range for only a limited period of time, while we process our existing pipeline of applications. We want to make sure that we maintain strong service standards whilst dealing with the incredibly strong application volumes we have received in recent weeks.
As ever, we remain 100% committed to intermediaries and will return as soon as possible with our full product offering, including loans up to 85% LTV.”
Details of the products being withdrawn are as follows:
Buy to Let and Residential mortgages:
Right to Buy and Help to Buy products
Rates on the following products will increase:
Buy to Let:
Decisions in Principle need to be submitted by close of business on Monday 12th October. Applications, together with all relevant mandatory documents, must be uploaded by close of business on Thursday 15th October.