"From those who feel trapped in rented accommodation to prospective first-time buyers still living with parents, they now have an option to buy their home sooner, with a smaller deposit of 3%."
- Helen Cawthra, head of intermediary relationships at Vida
Vida Homeloans has launched a new range of 97% LTV residential mortgage products.
The new 97% products, called ‘3 & Easy’, are aimed at helping long-term renters and first-time buyers to get a foot on the property ladder.
The entire 3 & Easy range is available with Vida's flexible criteria and is available to those with an adverse credit history, complex or second job income and the self-employed & contractors.
There is also a potential loan term of up to 45 years, assisting customers even further with affordability.
The range includes five and seven-year fixed rate products.
Vida has also announced enhancements to the procuration fees paid to intermediary partners. Networks and clubs will now receive 0.70% for new business, packagers will receive 1.10% and for any product transfers, brokers will receive 0.40%.
Helen Cawthra, head of intermediary relationships at Vida, commented: "The 3 & Easy range can be game-changing for so many people. From those who feel trapped in rented accommodation to prospective first-time buyers still living with parents, they now have an option to buy their home sooner, with a smaller deposit of 3%. The products are also ideal for those young families looking to move on in life to a larger property to better suit their needs, without the need for a large deposit or savings.
"As a specialist mortgage lender, we understand that cases can be more complex and time-consuming for brokers. So, we always aim to recognise this additional time and effort in the proc fees that we pay."
