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Zero Hours Contracts

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this needs to be referred and may be acceptable by exception subject to at least I year's track record and suitable evidence of earnings

Zero Hours Contracts

Zero Hours contracts are acceptable by exception subject to at least I year's track record and suitable evidence of earnings.

Working Tax Credits

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Working Tax Credits

50% of Working Tax Credit is accepted (not as main source of income) but assessed on individual basis.

Wimpey No Fines / Laing Easi Form - Non Standard Construction

Wimpey No-Fines houses accepted if constructed after 1946. Laing Easiform house accepted if constructed after 1966.

Widow's Pension

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 100% 

Widow's Pension

Accepted at 100%

Widowed Parent Allowance

Not acceptable

Widowed Parent Allowance

Not acceptable

War Widow(ers) Pension

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 100% 

War Widow(ers) Pension

Accepted at 100%

Vested Share Income

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Vendor Gifted Deposit

Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder, confirming monetary value.

Vendor Gifted Deposit

Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder, confirming monetary value.

Valuers / Valuation Company

Esurv

Valuers / Valuation Company

Esurv

Valuation Type / Definition / Criteria

Yes, eSurv will always make a full internal inspection

Valuation Appeals

Can consider. Must send a minimum of 3 comparable properties that have been sold in the last 6 months.

Valuation Appeals

Can consider. Must send a minimum of 3 comparable properties that have been sold in the last 6 months.

Valuation / Survey Types Available

Valuation for mortgage purposes only. Fee free option available with Fee Saver products on properties valued at up to £500,000. Home Buyers Reports and Full Building Surveys are not available through Vida.

Valuation / Survey Types Available

Valuation for mortgage purposes only. Fee free option available with Fee Saver products on properties valued at up to £500,000. Home Buyers Reports and Full Building Surveys are not available through Vida.

Utility Bills Missed/Late Payments/Arrears

Up to 3 unsecured missed payments in the last six months (for example on credit cards, catalogues and personal loans) up to a combined total of £250 accepted.

Unsecured Loan Arrears

Accepted, up to a maximum of 3 in the last 6 months and up to a combined total of £250.

Unsecured Loan Arrears

Yes, up to 3 missed unsecured payments in the last six months (for example on credit cards, catalogues and personal loans) up to a combined total of £500.

Universal Credit

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 50% subject to it not being the only form of income

Universal Credit

Accepted at 50% but must not be main source of income but assessed on individual basis

Unencumbered Properties

Acceptable. Treated as a Remortgage.

Unencumbered Properties

Acceptable. Treated as a Remortgage. Free legals would not be available

Underpinned Properties

Properties that have been underpinned in the last 10 years must have a 10 year guarantee warranting the works completed and must be placed with the title deeds. The Valuer must state no sign of new movement. The solicitors to confirm prior to completion that the Building's Insurer's are aware of the problem and willing to cover on normal terms.

Underpayment Facility

Not acceptable

UK Resident / EU Nationals

All UK and EEA applicants must provide at least 2 years residential address history in UK. All applicants must provide 3 years address history. A customer with less than 2 years' UK residency is acceptable if applying jointly with another principal customer who: is a UK or EEA national; satisfies the UK residency requirements; and can afford mortgage based solely on their income.

Tyneside Flats / Cross Leases

Not accepted

Two Applicants on Mortgage / One Named on Deeds

Not acceptable

Travel Costs / Rail Cards / Travel Season Tickets

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply, this will be included in the affordability assessment

Timber Framed - Non Standard Construction

Timber frame acceptable with a brick or 'block and rendered' outer frame.

Third Party Income (Spouse, Partner, Parent etc.) not Named on Mortgage

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this can be considered but only if it is Court Ordered Maintenance

Third Party Income (Spouse, Partner, Parent etc.) not Named on Mortgage

Only as Court Ordered Maintenance.

Tenure

Freehold & Leasehold are both acceptable. For Capital & Interest loans minimum of 40 years lease remaining at the end of the term. For Interest Only, there must be 70 years remaining at the end of the term.

Tenure

Freehold & Leasehold are both Acceptable For Capital & Interest loans minimum of 40 years lease remaining. Interest Only, 70 years remaining.

Tenancy / Letting to Government/ Housing Association / DSS

Corporate Lets are Acceptable. Require sight of all corporate letting agreements which are then referred to our solicitors for consideration. DSS tenants acceptable.

Temporary Work / Employment

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Temporary Work / Employment

Not acceptable

Teachers / Supply Teachers

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then permanent employed Teachers are treated as a standard employment. Can consider Supply Teachers with a long track record.

Sub-Sales and Reassignment of Sale Contracts

Not acceptable

Subcontractors

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Subcontractors

Acceptable. Minimum 6 months' contract or rolling 3 months' renewed at least once. Customer must have a 1 year track record of employment within the same line of work. For self-employed, weekly rate x46 weeks. Where paid via an umbrella company or where employer pays both tax and NI, income verified via last 3 months' payslips and most recent P60 if applicable. CIS contractors income verified using the average of 3 months' income from latest payslips.

Sub Letting

Not acceptable

Studio Flats / Apartments

Acceptable. Must be more than 35 square metres.

Student Loans

Taken into consideration for Affordability Assessment if income is being used.

Student Lets

Student lets: students can either be on individual AST's or jointly and severally liable for the rent. It is acceptable for a family member to be one of the occupants of a Student Let. Family members must not reside in the property, unless full time students occupying less than 40%. To be let out on AST only.

Stipend

Not acceptable

Stipend

Not acceptable

Steel Framed - Non Standard Construction

Acceptable as long as post-1987 construction within BBA or WIMLAS Certification.

State Pension Income

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 100% subject to it not being the only form of income

State Pension Income

Accepted however state pension must not be only source of income.

SPVs / Business Classification SIC Codes Limited Company Lending

SPV's must have one of the following SIC Codes: 68100 Buying and selling of own real estate‚ 68209 Other letting and operating of own or leased real estate‚ 68320 Management of real estate on a free or contract basis‚ 68201 Renting and operating of Housing Association real estate

Spousal Maintenance

Not acceptable

Spousal Maintenance

Not accepted

Splitting of Title Deed

May consider. Please Refer.

Special Duties Allowance

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Solicitors / Conveyancers

Yes providing the solicitor is on our panel.

Solicitors / Conveyancers

For purchase applications, the solicitor must be on our own panel. For remortgage applications, the customer must use our free legal service. (The customer cannot use their own solicitor for a remortgage.)

Sole Trader to a Limited Company - Change of Trading Status

Agreed subject to individual case assessment

Sole Trader to a Limited Company - Change of Trading Status

Agreed subject to individual case assessment

Solar Panels

Yes

Solar Panels

Yes

Soft Footprint at AIP/DIP Stage

Soft footprint only

Soft Footprint at AIP/DIP Stage

Yes, soft foot print only

Sitting Tenants

Not accepted.

Shortfall in Rental Calculation / Top Slicing / Personal Income Affordability

Top slicing availble from 115% for BRT and 120% for HRT. Not available for portfolios, expats, HMOs or MUBs.

Short Term Renewable Contracts

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then the current contract must be for a period of at least 6 months, or a 3 month contract renewed at least once. If the contract has more than 6 months to run the customer must have been employed for a minimum of 12 months in the same line of work at the time of the application. If the contract has less than 6 months to run the applicant must have a 2-year track record of employment within the same line of work.

Short Term Lending

Not acceptable

Short Term Lending

Not acceptable

Shift Allowance / Unsociable Hours

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Shift Allowance / Unsociable Hours

100% of Shift Allowance or Unsociable House payment is accepted.

Sheltered Accommodation / Retirement Housing

Not acceptable

Shared Ownership

Not acceptable

Shared Ownership

Not acceptable

Shared Equity

Not acceptable

Shared Equity

Not acceptable

Serviced Flat / Apartment

Not accepted

Service / Ground Rent / Maintenance Costs

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply, this will be included in the affordability assessment

Self Employed - Validity of Accounts

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then Accounts must be no more than 12 months old before the date of application. Where proof of income is more than 12 months old we will also require an accountants certificate verifying that there are no material changes in revenue, expenditure, salary and dividends.

Self Employed - Umbrella Companies

Income and self-employment details are not relevant for self-funding BTLs unless top slicing or a FTB / FTL.  If one of these applies, it is acceptable for an applicant to be paid via an umbrella company, which pays tax and NI.  Income verified via last 3 months payslips and most recent P60 if applicable or by way of contract x 46 weeks

Self Employed - Trading History / Years Accounts

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, we require a minimum 12 months trading period with 1 year's accounts or SA302 & Tax Year Overview. If the Company has been trading for 3 or more years, we will need to see stable / improving profits

Self Employed - Sole Trader

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, Sole Traders require 12 months' trading with 1 year's accounts or SA302 and tax overview. Where trading for longer we will also request up to 3 years profit figures. Acceptable sole trader income is taken as the most recent net profit where stable or increasing. Income verified by one of : one years accounts (prepared by certified or qualified accountant); an accountants reference covering the last year; One years SA302 including tax year overview.

Self Employed - Sole Trader

Sole traders require 12 months trading with 1 year's accounts or SA302 and tax year overview. Where trading for longer we will also request up to 3 years profit figures. Acceptable sole trader income is taken as the most recent net profit where stable or increasing. Income verified by one of : one years accounts (prepared by certified or qualified accountant); an accountants reference covering the last year; One years SA302 including tax year overview.

Self Employed - Retained Profit in Company

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Self Employed - Retained Profit in Company

Retained profit will not be considered however, where 100% shareholders are on the mortgage we will consider net profit after tax from the latest approved and finalised accounts. The last 3 years accounts will need to show stable or improving business profits.

Self Employed - Partnerships

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Self Employed - Partnerships

Vida requires 12 months trading with 1 year's accounts or SA302 and tax year overview. Where trading for longer we will also request up to 3 years profit figures. Acceptable partnership income is taken as the most recent share of partnership profit where stable or increasing.

Self Employed - Limited Liability Partnerships / LLP's

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this can be considered subject to 12 months trading with 1 year's accounts or SA302 and tax year overview. Where trading for longer we will also request up to 3 years profit figures. Acceptable partnership income is taken as the most recent share of partnership profit where stable or increasing.

Self Employed - Limited Liability Partnerships / LLP's

Yes, accepted

Self Employed - Director / Percentage Share of Business

Once an applicant reaches a 25% shareholding they will be considered self employed

Self Employed - Director / Percentage Share of Business

Once an applicant reaches a 25% shareholding they will be considered self employed

Self Employed - Director / Limited Company

Once an applicant reaches a 25% shareholding they will be considered self employed

Self Employed - Director / Limited Company

Treated as self employed when owning 25% or more of the shares. For joint applicants who are shareholders in the same company, the 25% relates to the combined shareholding. Affordability based upon dividends + remuneration, or net profit where applicants own 100% of the company

Self Employed - Declining Profits

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then where figures show a significant variance, Vida may request further information for prior years to enable a better view of the trend to be established prior to making a decision

Self Employed - Assessment of Accounts for Affordability

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply, income is verified using one of:- One year's accounts( 1 year's verified accounts or SA302), an accountant's reference covering at least a year or one year's HMRC self-assessment tax return. If the proof of income is more than 12 months old then in addition will require an accountants certificate verifying there are no material changes in revenue, expenditure, salary and dividends.

Self Build / Custom Build

Not accepted.

Second Job / Additional Employment

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 100% providing a 12 month history can be demonstrated

Second Job / Additional Employment

Up to 100% of income from second jobs accepted, providing a 12 month record can be demonstrated.

Second Home / Property / Pied a Terre

Not acceptable

Seasonal Employment

Not acceptable

Seasonal Employment

Not acceptable

School Fees

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply, this will be included in the affordability assessment

Sale of UK Investment Property as an Interest Only Repayment Vehicle

Sale of another mortgaged property acceptable as repayment strategy. Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

Sale of Security Address as an Interest Only Repayment Vehicle

Acceptable

Sale of Security Address as an Interest Only Repayment Vehicle

Downsizing acceptable. Customers are expected to have a minimum amount of equity remaining in the property at the end of the mortgage term in order to repay the mortgage debt and also feasibly purchase another property. Min £200,000 equity required at the start of the mortgage for all securities located within London and the South East of England‚ £150,000 for securities located in the rest of the UK. Max LTV : 70%

Sale of Other Assets as an Interest Only Repayment Vehicle

Acceptable. Other repayment strategies, including sale of other assets and occasional payments from income will be considered. Interest only Repayment Strategy Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

Sale of Main Residence as an Interest Only Repayment Vehicle

Downsizing acceptable. Customers are expected to have a minimum amount of equity remaining in the property at the end of the mortgage term in order to repay the mortgage debt and also feasibly purchase another property. Min £200,000 equity required at the start of the mortgage for all securities located within London and the South East of England‚ £150,000 for securities located in the rest of the UK. Max LTV : 70%

Sale of Foreign Property/Assets as an Interest Only Repayment Vehicle

Not accepted

Sale and Rent Back

Not acceptable

Right To Buy / Section 125

Not Accepted for BTL - residential only.

Right To Buy / Section 125

Acceptable for schemes operated by recognised Local Authorities (Right to Buy) and Housing Associations (Right to Acquire) up to 100% of the discounted purchase price. The loan cannot exceed 75% LTV limit based on open market valuation a non-RTB application. A copy of the Section 125 Right to Buy is required providing details of the property valuation and discount offered.

Re-Type Valuations

Re-typed valuations not accepted

Retentions Full / Partial

Partial retentions not acceptable. Assessed on current valuation. Full retentions are required where substantial work is necessary on the subject property

Retained / Additional Properties in the Background - Non Professional Landlords

Acceptable. Full property details will need to be supplied at application for consideration

Restrictive Covenants

Not acceptable

Residency

All applicants must provide 3 years address history. UK and EEA applicants must provide at least 2 years residential address history in UK. Non EEA Nationals must be resident in the UK the for last 2 years and have a permanent right to reside in the UK. A customer with less than 2 years' UK residency is acceptable if applying jointly with another principal customer who: is a UK or EEA national; satisfies the UK residency requirements; and can afford mortgage based solely on their income.

Residency

3 years' address history required from all applicants. All UK and EEA applicants must provide at least 2 years' residential address history in UK. All Non EEA nationals must have been resident in the UK the for last 2 years and have permanent right to reside. A customer with less than 2 years' UK residency is acceptable if applying jointly with another principal customer who is a UK or EEA national‚ satisfies the UK residency requirements and can afford mortgage based solely on their income.

Requirement to be a Homeowner / Owner Occupier

Applicants who do not currently own any property are acceptable, but will be assessed for affordability on both a residential and BTL basis.

Rental Income as Sole/Additional Declared Income

100% Accepted as long as supported by SA302 & Tax Year Overview, accountants certificate or financial accounts

Rental Calculation / Stress Test / Interest Cover Ratio (ICR)

Single unit: BRT and Ltd Cos 125%. Top slicing from 115% using surplus income subject to full affordability assessment and income verification. HRT 140% with top slicing from 120%. Ex Pats cannot top slice from surplus income. HMO/MUB: 130% for BRT, 140% for HRT. No top slicing. For 5 year fixed rate the cover is based on the initial product rate. When £ for £ remortgage, but not a 5 year fixed rate, use a notional rate of 5% unless the initial rate is higher. For 2 year fixed, the rental calculation is based on the higher of 5.5% or product rate + 2%. Rental Calculation must cover the Gross Loan i.e. including any fees that are being added.

Rent To Buy

Not acceptable

Rent To Buy

Not acceptable

Rent Arrears

Considered subject to maximum overal restrictions on adverse credit - see full credit status on website product guides.

Remortgage from Bridging Finance/Loan

Acceptable if over 6 months ago. If less than 6 months ago, we allow remortgaging from bridging finance provided by other lenders including the roll up of interest and lender fees only. Capital raising is not accepted in this time period. Repayment of a private bridge is not permitted.

Remortgage from Bridging Finance/Loan

Acceptable. We allow remortgaging from bridging finance provided by other lenders including the roll up of interest and lender fees. Capital raising is not accepted.

Remortgage Capital Raising Purposes

Remortgage allowed for any legal purpose. Capital Raising excludes speculative investments, gambling debts and purchase of time share.

Remortgage Capital Raising Purposes

Remortgage allowed for any legal purpose. Debt consolidation available up to 75% LTV. Capital Raising excludes business purposes, speculative investments, gambling debts and purchase of time share.

Remortgage Applications

Remortgage allowed for any legal purpose and up to scheme limits. Excludes business purposes, speculative investments, Gambling Debts and the purchase of time share

Remortgage - Transfer of Equity

Acceptable. Solicitor will be required to confirm details of the transfer

Re-inspection Fees - New Build

No, Vida will charge a re-valuation fee of £120 where a re-inspection is required prior to the release of monies

Regulated Buy To Let / BTL

Family members must not reside in the property, unless full time students occupying less than 40%. To be let out on AST only.

Regulated Buy To Let / BTL

Not accepted

Reduced Income for a Defined Period

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If income is being used please refer for consideration.

Reduced Earnings Allowance

Not acceptable

Reduced Earnings Allowance

Not acceptable

Purchase of Land

Not acceptable

Purchase of Land

Not acceptable

Purchase of Adjoining Property

Yes but both properties must be single dwelling units and there can be no shared services other than a cesspit

Purchase of Adjoining Property

Yes but both properties must be single dwelling units and there can be no shared services other than a cesspit

Purchase from Own/Family's Limited Company

Not acceptable

Purchase from Own/Family's Limited Company

Not acceptable

Purchase from a Limited Company

Vida can accept a purchase application from a limited company

Purchase for Family Member

Family members must not reside in the property, unless full time students occupying less than 40%. To be let out on AST only.

Purchase for Family Member

Not acceptable.

Purchase Application

Acceptable. Up to 85% LTV. See Criteria Category for LTV's for more information.

Property with Shared Access / Shared Services

Not acceptable

Property with an Annex / Outbuildings / Land / Acreage

Can consider. Subject to valuer's comments.

Property with an Annex / Outbuildings / Land / Acreage

Can consider. Subject to valuer's comments.

Property owned for less than 6 months by Vendor

Not accepted. The owner must have been registered longer than 6 months

Property Management / Letting Agent/Agency

No requirement for a management Agent to be appointed. Vida accept Applicants who self-manage their properties

Property Condition / Minimum Requirements

Must be habitable in it's current condition. Subject to Valuer's comments.

Property / Investment Clubs

Purchases and remortgages involving a Property Investment Club will not be considered.

Properties subject to the Green Deal Government Scheme

Acceptable

Properties Purchased at Auction

Can consider

Properties close to Commercial Outlets

Accepted. Flats above commercial premises will be accepted with a maximum of 75%LTV. Where the commercial premises is a restaurant, takeaway or launderette the loan will be restricted to a maximum of 60% LTV

Proof of Residential / Address ID

Electronic identification will be used to identify an applicant(s) against a variety of public databases. If the applicant(s) is not found or does not pass the electronic ID verification process, proof of identity & residency as appropriate will be required. EID used, but where required we may need the following: Utility bill dated within the last 3 months (internet statements will be considered), Bank/credit card statements showing full name and address (internet statements will be considered)‚ Latest Council Tax bill, HM Revenue & Customs correspondence - relating to current tax year‚ Latest Mortgage Statement (internet statements not acceptable)

Proof of Residential / Address ID

Satisfactory proof of residency covering a minimum 2 year period is always required. Electronic Identification (EID) is used. However ,if the applicant is not found or does not pass the EID verification process, proof of identity and residency will be required as appropriate:- valid UK driving licence, utility bill dated within the last 3 months (internet statements considered)‚ bank / credit card statements showing full name and address (internet statements considered), latest council tax bill, HM Revenue & Customs correspondence - relating to current tax year, latest mortgage statement (internet statements not acceptable).

Proof of Personal / Photographic ID

Electronic identification (EID) will be used to identify applicants. If applicants is not found or does not pass the EID verification process, proof of identity: Valid UK Passport, Valid UK Driving Licence‚ Valid Non-UK Passport or National ID Card, HM Forces / Police Warrant Card, UK Firearms certificate or shotgun licence

Proof of Deposit

Required in any purchase where the deposit is NOT being funded by use of equity release from the sale of the customer's current property.

Proof of Deposit

Required in any purchase where the deposit is NOT being funded by use of equity release from the sale of the customer's current property

Professions / Professional Specialist Range / Criteria

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Professional Sports People

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If either of these apply, each case will be considered on its individual merits

Professional Landlords

Maximum 20 properties up to a maximum portfolio of £4,000,000 with Vida. No limit on total properties in overall portfolio. If landlord's whole portfolio is four or more properties (regardless of Lender), average maximum LTV is 80%

Professional Landlords

Yes and will be treated as Self Employed.

Product Transfer / Rate Switch / Customer Retention

Not available

Product Split on same Mortgage

Not accepted

Probationary Period

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL and would be subject to underwriters descretion.

Probationary Period

Yes, this can be considered subject to the underwriter's discretion.

Private Sales (No Estate Agent Acting)

Acceptable

Private Pension Income

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 50%

Private Pension Income

Accepted at 100%

Price Work

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then this needs to be referred . It may be acceptable subject to a long track record.

Pre Reinforced Concrete / PRC - Non Standard Construction

Will not accept property constructed using concrete Large Panel System (LPS).

Postcode / Location Acceptable Areas for Lending

England, Wales and the following postcodes in Scotland; AB (excluding 42-45, 56), DD, EH (excluding 43-46) G, IV (excluding 4, 13, 19-63), FK, KA (excluding 6, 18, 19, 26-28), KY, ML, PA (excluding 20 - 80) and PH (excluding 20 - 42)

Postcode / Location Acceptable Areas for Lending

England, Wales and the following postcodes in Scotland; AB (excluding 42-45, 56), DD, EH (excluding 43-46) G, IV (excluding 4, 13, 19-63), FK, KA (excluding 6, 18, 19, 26-28), KY, ML, PA (excluding 20 - 80) and PH (excluding 20 - 42)

Porting

Not supported

Porting

Not supported.

Portfolio Landlords - Top Slice Personal Income

Top Slice personal income is not available for portfolios.

Portfolio Landlords - Specific Scheme

No, portfolio landlords access the same product range as individual unit landlords

Portfolio Landlords - Rental Assessment of Background Properties

Vida will only apply rental assessment to portfolio properties with Vida. This is at the same rate as for individual properties ie 125% at 5.5% or 5% for pound for pound remortgage. For the wider (non - Vida) portfolio we will simply assess rental income compared to the mortgage payment but will be looking to see how any properties with < 125% is mitigated through the Portfolio as a whole

Portfolio Landlords - Number of BTL Properties with other Lenders

There is no restriction on total portfolio size with other lenders.Average LTV must be no more than 80% across the portfolio

Portfolio Landlords - Maximum Number of BTL Properties with Lender

Maximum of 20 properties with a maximum portfolio of £4m with Vida.

Portfolio Landlords - Documents Required

Vida will require an existing property portfolio spreadsheet and Business plan for each application. Both of these forms are downloadable from Vida website. Brokers can upload their existing portfolio spreadsheet providing it contains the relevant information. On rare occasions the underwriter might also request a cashflow forecast and/or an Asset and Liability statement

Portfolio Landlords - Applications Accepted From

Vida defines a portfolio landlord as one with 4 mortgaged BTL properties prior to application

Portfolio Landlords - Additional Underwriting Checks

All Portfolio Landlords will need to complete a Business Plan and on occasion and at underwriter discretion, may be asked to provide a Cashflow Statement and an Asset and Liability Statement.

Portfolio Landlord - Definition of

Someone who has 4 or more mortgaged BTL properties at application Up to 80% LTV average across portfolio. £4m max loans on up to 20 proerties with Vida. No limit on overall portfolio size

Portfolio

Up to 20 properties with a maximum portfolio of £4,000,000 with Vida. No limit on overall portfolio size. If landlord's whole portfolio is four or more properties (regardless of lender), average LTV must be no more than 80%.

PO Box Address for Ex Pats

If the only available overseas address is a PO Box number, this will be acceptable where supported by confirmation from theiremployer via proof of address template and last 3 months payslips showing the salary credit into the bank account

Planning Permissions

Not acceptable

Piece Work / Piece Workers

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If either of these do apply, this will need to be referred for consideration by exception subject to at least 1 year's track record and suitable evidence of earnings

Piece Work / Piece Workers

We will consider Piece Work in exceptional circumstances, subject to at least 1 year's track record and suitable evidence of earnings.

Personal Independence Payment / PIP

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 50%

Personal Independence Payment / PIP

Accepted at 50% but assessed on individual basis

Personal Finance for Business Purposes

Not Acceptable for BTL.

Permanent Health Insurance / PHI

Not acceptable

Period Properties / Non Standard Construction

Refer, subject to valuers comments

Pension Credit

Not acceptable

Pension Credit

Not acceptable

Pension Contributions

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply, they will be ignored in the affordability assessment unless the amount is considered excessive

Pension as an Interest Only Repayment Vehicle

Acceptable. Pension (Personal, Executive or Employed pension plan). Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

Payslips / Wageslips

Hand-written document and online payslips will be accepted with the corresponding bank statement to show the salary credit being made to the customer.

Payment Holidays

Applicants must have finished the payment holiday (for secured and unsecured loans), with evidence of at least one payment made via most recent mortgage/lender statement or alternatively most recent bank statement Please see Vida’s COVID-19 Lending guide for further info

Payment Holidays

Applicants must have finished the payment holiday (for secured and unsecured loans), with evidence of at least one payment made via most recent mortgage/lender statement or alternatively most recent bank statement. Please see Vida’s COVID-19 Lending guide for further info

Payday Loans

Can be considered however assessed for frequency on a case by case basis

Partner/2nd Applicant - With No Income

Yes, this would be considered

Partner/2nd Applicant - With No Income

Accepted

Part Repayment & Part Interest Only

Not Accepted

Paid In Cash

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies, this can be considered subject to usual underwriting checks

Overtime - Regular

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 50% 

Overtime - Regular

Accepted at 50%

Overtime - Guaranteed

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 50% 

Overtime - Guaranteed

50% of guaranteed overtime is accepted - evidenced by last three months' payslips.

Overtime - Fluctuating

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If either of these do apply, overtime can be considered at 50%

Overtime - Fluctuating

Accepted at 50%

Overpayment Facility

Overpayments of up to 10% per annum of the outstanding loan are permitted without incurring an Early Repayment Charge during the initial fixed/variable term.

Overpayment Facility

Overpayments of up to 10% per annum of the outstanding loan are permitted without incurring an Early Repayment Charge during the initial fixed/variable term.

Over-indebtedness / Debt to Income Ratio

Vida does not use Debt to income ratios. All applications must pass affordability

Overhead Power Lines

Subject to valuers comments and underwriting

Overage

Not acceptable

Other Income

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If these apply, the following can be considered:- At 100%: Income from trust funds; Rental profit; Investment income supported by SA302; Occupational pension income (including war widows/disablement or widowers pensions); Second and other jobs providing 12 months record; Car allowance; Shift allowance; London/large town allowance; Housing allowance (provided by an employer); Mortgage subsidy; Payments from Armed Forces compensation scheme; Lodger income (for remortgages); Foster Care Income. The following are acceptable at 75%: Regular monthly, quarterly or annual bonuses supported by P60 and relevant payslips. The following are acceptable at 50%: Universal Credit (not as main income); Overtime or commission; non regular bonus or profit related pay; Disability/Carers Allowance; Incapacity Benefit.

Other Income

The following are acceptable at 100%: Income from trust funds; rental profit; investment income supported by SA302; occupational pension income (including war widows/disablement or widowers pensions); second and other jobs providing 12 months' record; car allowance; shift allowance; London/large town allowance; housing allowance (provided by an employer); mortgage subsidy; payments from armed forces compensation scheme; lodger income (for remortgages); foster care income. The following are acceptable at 75%: regular monthly, quarterly or annual bonuses supported by P60 and relevant payslips. The following are acceptable at 50%: Universal Credit (not as main income); overtime or commission; non regular bonus or profit related pay; Disability/Carer's Allowance; Incapacity Benefit.

Offshore Financing

Not acceptable

Offset Mortgages

Not Available.

Off Plan New Build Houses / Apartments

Properties in the course of construction or Off Plan will be considered on a 'finished basis' valuation with full retention of monies until the property is ready for completion

Occupancy

Family members must not reside in the property, unless full time students occupying less than 40%. To be let out on AST only.

Nursing Bank / Nurses

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then this is an acceptable form of income and will be considered at 100%.

Number of Floors / Storeys / High Rise

High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuers comments on mortgageability & saleability. For Ex-Local Authority/Housing Association/Ministry of Defence, where the block is over 4 storeys in height (ground floor + 3 floors) or with more than 50 units in the block, can be considered on an individual basis. Balcony access can be accepted. High rise flats must have a lift if property is on or above 4th floor (ground floor + 3 floors)

Number of Floors / Storeys / High Rise

High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer's comments on mortgageability & saleability. For Ex-Local Authority/Housing Association/Ministry of Defence, where the block is over 4 storeys in height (ground floor + 3 floors) or with more than 50 units in the block, can be considered on an individual basis. Balcony access can be accepted. High rise flats must have a lift if property is on or above 4th floor (ground floor + 3 floors).

Non UK / EU / EEA Foreign Nationals

Accepted. All Non EEA Nationals must be resident in the UK the for last 2 years and have a permanent right to reside in the UK. All applicants must provide 3 years address history.

Non UK / EU / EEA Foreign Nationals

Accepted. All Non EEA nationals must have been resident in the UK the for last 2 years and have permanent right to reside in the UK. We require 3 years' address history from each applicant.

Non Standard Construction

Please refer to us for consideration

Non Standard Construction

We will consider Non-Standard Construction properties in some instances; please contact us by telephone to discuss the case in more detail.

NHS Fleet Solutions / Car Scheme / Salary Sacrifice

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then this will be considered in the affordability calculation.

New Build/Builder Sales Incentives

Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder, confirming monetary value. Maximum 5% of the total amount of the Incentives as declared on the UK Finance Disclosure Form. Can be split i.e. 2.5% Builder Gifted Deposit and 2.5% Cash or other incentives.

New Build/Builder Sales Incentives

Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder to confirm monetary value. Maximum 5% of the total amount of the Incentives as declared on the CML Form which can be split i.e. 2.5% Builder Gifted Deposit and 2.5% Cash or other incentives.

New Build Warranties / Warranty Providers

Must hold an acceptable warranty from one of the following (not exhaustive): Advantage/Advantage HCI‚ Aedis Warranties Limited‚ Ark Insurance Group Limited-Latent Defects Insurance‚ Build Assure‚ Build Life Plans‚ Build Zone, Castle 10 (Checkmate)‚ Global Home Warranties Limited‚ ICW, LABC‚ NHBC Certificates, Premier Guarantee‚ Protek‚ Q Assure Build Limited‚ Zurich Municipal Policy

New Build Warranties / Warranty Providers

Must hold an acceptable warranty from one of the following (not exhaustive): Advantage/Advantage HCI‚ Aedis Warranties Limited‚ Ark Insurance Group Limited-Latent Defects Insurance‚ Build Assure‚ Build Life Plans‚ Build Zone, Castle 10 (Checkmate), Global Home Warranties Limited‚ ICW, LABC‚ NHBC Certificates, Premier Guarantee‚ Protek‚ Q Assure Build Limited‚ Zurich Municipal Policy

New Build Houses

Accepted up to scheme limits. Vida Homeloans define a new build property as a property that has never been occupied and must have suitable NHBC Warranty.

New Build Houses

Accepted up to scheme limits. New Build is defined as a property that has never been occupied and carries a suitable NHBC warranty.

New Build Bulk Purchase Discount / Off Plan

Not accepted

New Build Apartments / Flats

New Build apartments and flats are accepted up to scheme limits. Vida Homeloans define a new build property as a property that has never been occupied and must have suitable NHBC Warranty. Valuation can be off plan. Initial offer is for 6 months and can be extended for a further 6 months on the same product subject to credit search, affordability and re-valuation (£120). High rise flats must have a lift if situated above 4th floor (ground floor + 3 floors). High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer comments on mortgageability & saleability.

New Build Apartments / Flats

New Build apartments and flats are accepted up to scheme limits. New Build is defined as a property that has never been occupied and carries a suitable NHBC warranty. Valuation can be off plan. Initial offer is for 6 months and extendable for a further 6 months on the same product, subject to credit search, affordability and re-valuation (£120). High rise flats must have a lift if situated above 4th floor (ground floor + 3 floors). High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer's comments on mortgageability & saleability.

Mundic Block - Non Standard Construction

Not accepted

Multiple Tenancy Agreements / Room by Room Letting

Acceptable as an HMO.

Multi Let / Multi Unit Block Property

MUBs accepted up to 5 units on a single freehold title. At least one applicant must have 1 year’s landlord experience. Min Valuation £175,000 for the freehold block in London and SE, £125,000 in all other regions. Rental assessment = 130% for basic rate tax payers or Limited Companies, 140% for higher rate taxpayers. Top slicing not available

Mortgage Term - Years or Years and Months

Minimum term 5 years, maximum term 40 years

Mortgage Offer Validity

Offers are valid for 4 months which can be extended for a further 4 months on the same product subject to a credit search, in date valuation and affordability assessment (if applicable). For New Build, offers are valid for 6 months, extendable for a further 6 subject to credit search, affordability and re-valuation (£120).

Mortgage Offer Validity

Offers are valid for 4 months which can be extended for a further 4 months on the same product subject to a credit search and affordability assessment. For New Build, offers are valid for 6 months, extendable for a further 6 subject to credit search, affordability and re-valuation (£120).

Mortgage Declarations / DDM's

Electronic. No paper or wet ink signatures required. DDM goes out with the Mortgage Offer.

Mortgage Declarations / DDM's

Electronic. No paper or wet ink signatures required. DDM is sent out with the Mortgage Offer.

Mortgage / Secured Loan Arrears / Missed or Late Payments

Maximum considered is 2 missed payments in last 24 months with 0 in last 6 months.

Mortgage / Secured Loan Arrears / Missed or Late Payments

Maximum considered is 3 missed payments in last 24 months with 0 in last 6 months.

Mobile Phone/Communications Arrears/Defaults

Applicant can have up to 2 arrears or defaults within the last 24 months, with none above £250 in the last 6 months.

Mixed Use Properties / Part Commercial

Not acceptable.

Missed / Late Payments

Vida Homeloans will accept customers that have adverse credit, the requirements detailed below apply to the standard product range and are the maximum adverse credit per application. Max 3 unsecured missed payments in the last 6 months with a combined value up to £250

Missed / Late Payments

Yes, up to 3 missed unsecured payments in the last six months (for example on credit cards, catalogues and personal loans) up to a combined total of £500.

Mining / Contamination / Subsidence / Landfill

Will not lend where saleability may be adversely affected by local planning or by an unsatisfactory mining report

Minimum Term

5 Years

Minimum Term

5 Years

Minimum Property Value

£50,000 up to 70% LTV. Over 70% LTV, minimum valuation of £70,000 applies. Ex Local authority flats/maisonettes minimum £80,000 outside London, minimum £200,000 in Greater London up to 80% LTV. £100,000 for HMOs, £125,000 for MUBs (£175,000 in London & South East)

Minimum Property Value

£70,000 for all property types. Ex Local authority flats/maisonettes minimum £125,000 outside London, minimum £200,000 in Greater London up to 80% LTV

Minimum Number of Bedrooms

1 bed standard BTL's including studio flats. Minimum number of Bedrooms on an HMO is 2.

Minimum Income

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, where there is no minimum income requirement

Minimum Income

At least one applicant must earn £15,000

Minimum Floor Area

Minimum external floor area for studio flats is 35 sqM

Minimum Borrowing / Loan Amount

£25,000

Minimum Borrowing / Loan Amount

£25,000

Minimum Age at Application

21 years

Minimum Age at Application

21 years

Mileage / Travel Allowance

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Maximum Term

40 Years

Maximum Term

40 Years

Maximum Property Value

Yes - up to a maximum loan size of £1.5m

Maximum Property Value

Yes - up to a maximum loan size of £1.5m

Maximum Number of Properties

Maximum 20 properties up to a maximum portfolio of £4,000,000 with Vida. No limit on total properties in overall portfolio. If landlord's whole portfolio is four or more properties (regardless of Lender), average maximum LTV is 80%

Maximum Number of Bedrooms

No limit if the house is not an HMO. Maximum of 8 Bedrooms on an HMO.

Maximum Number of Applicants

4 applicants

Maximum Number of Applicants

4 applicants

Maximum LTV / Loan To Value

85% for Standard BTL 75% for Ex-Pats 70% for Impaired Credit History - Up to 2 CCJs & 2 missed mortgage payments 75% LTV for Flats situated above commercial premises. 60% LTV premises Flats situated above restaurants/takeaways/launderettes.

Maximum LTV / Loan To Value

85% LTV for Purchase and Remortgage, 70% LTV for Interest Only, 75% LTV for flats situated above commercial premises, 60% LTV for flats situated above restaurants/takeaways/launderettes/hairdressers.

Maximum Borrowing / Loan Amount

'£1,500,000 up to 65% LTV

Maximum Borrowing / Loan Amount

£1,500,000 up to 70% LTV

Maximum Age at End of Term / Loan To Age

85 years individual. 95 at the end of the term for company BTL.

Maximum Age at Application

79 years. 89 for directors of LTD company

Maximum Age at Application

64 years old

Maternity/Paternity Leave/Pay

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies, this can be considered as long as confirmation received from employer that applicant is returning to work within 3 months

Married Couple Application in One/Single Name

Can be considered although if a remortgage of a property in joint names, we would need to understand why the application was in the sole name

Married Couple Application in One/Single Name

Considered only in exceptional circumstances, i.e. where second applicant doesn't have permanent right to reside and their income is not being used for affordability. Not acceptable if one applicant has a poor credit history.

Mariners / Seafarers / Ships Crew / Captain

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Maintenance - Family Based Arrangement/Not Court Ordered

Not acceptable

Maintenance - Family Based Arrangement/Not Court Ordered

Not accepted

London Weighting / Long Term Large Town Allowance

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 100%

London Weighting / Long Term Large Town Allowance

Accepted at 100%

Local Authority Grant Scheme

Not acceptable

Local Authority Grant Scheme

Not acceptable

Loan to Income Cap / Limit

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Live / Work Units

Not accepted

Limited Company to a Sole Trader - Change of Trading Status

Acceptable and considered a continuation of Trading History. A declining profit may not be acceptable to the underwriter.

Limited Company to a Sole Trader - Change of Trading Status

Acceptable and considered a continuation of Trading History. A declining profit may not be acceptable to the underwriter.

Light Refurbishment

At Underwriter’s discretion. This will be subject to the valuer’s comments, the extent of the works and whether the property will be readily lettable.

Light Refurbishment

Acceptable subject to Valuer's comments.

Let to Buy

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. If the residential is with another lender, we also require a copy of the offer to demonstrate commitment to the onward residential purchase

Let to Buy

We will lend to applicants purchasing a new residential property and renting out their existing owner occupied property providing we see a copy of the mortgage offer from the party lending the BTL element. We can also lend on both the BTL remortgage and the residential purchase (investor/ non-consumer only). Simultaneous completion will be required.

Lending to Trusts / Trustees

Not accepted

Lending to Limited Companies

Vida can accept an application from either a trading limited company or an SPV.

Lending to Limited Companies

Limited Company lending is available for BTL only.

Lending Into Retirement Requirements

We do not currently lend in or into retirement. The maximum retirement age for any applicant is 70 years. Plausibility for working to loan maturity should be evidenced in all cases

Lender Exposure Limits within a Development / Postcode / Area

Please refer to your Key Account Manager.

Leasehold Remaining Term

For Capital & Interest loans there must be a minimum of 40 years lease remaining at the end of the mortgage term. Interest Only loans must have 70 years remaining at the end of the mortgage term.

Leasehold Remaining Term

Capital & Interest loans need a minimum of 40 years lease remaining at the end of the term with Interest Only requiring 70 years remaining.

Leasehold Flat / Apartment where applicant/s own part or all of the Freehold

Acceptable. Please refer to your Key account manager or the TBDM team.

Large Loans

Individual loans available up to £1,500,000

Large Loans

Loans are available up to £1,500,000. See product rate sheets on website

Landlocked Property / Easements / Rights of Way

Not acceptable

Knock Through to Property Next Door / Renovations

Not acceptable

Knock Through to Property Next Door / Renovations

Not acceptable

Kitchens - Number of / More than one

Must have one kitchen with the exception of MUBs 

Job Seeker's Allowance

Not acceptable

Job Seeker's Allowance

Not acceptable

Japanese Knotweed

If there is Japanese Knotweed present within the boundary of the property or neighbouring properties the valuation report will confirm whether or not the subject property is suitable as mortgage security

IVA's

Accepted as long as satisfied at least 6 years ago. A full understanding of the circumstances surrounding the cause will be required

IVAs

Accepted as long as satisfied at least 6 years ago

IT Contractors

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then IT Contractors are acceptable if they meet standard Contractor terms.

Islamic Financing / Sharia Law

Not available

ISA as an Interest Only Repayment Vehicle

Acceptable. Stocks, Shares, ISA or other liquid investment. Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

ISA as an Interest Only Repayment Vehicle

Acceptable. Stocks, Shares, ISA or other liquid investment. Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

Investment Income

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 100% if supported by an SA302 and corresponding tax year overview

Investment Income

Accepted at 100% where supported by SA302 and corresponding tax year overview

Interest Only / Repayment Vehicle

Sale of Property is an acceptable form of Repayment Vehicle on Buy To Let Mortgages.  Othe repayment vehicles may be considered

Interest Only / Repayment Vehicle

Applicants require a suitable strategy to fully repay the outstanding mortgage balance at the end of the term. Acceptable repayment strategies are: Cash ISA or other savings‚ stocks, shares, ISA or other liquid investment‚ endowment policy‚ pension (personal, executive or employed pension plan)‚ sale of another mortgaged property‚ sale of the customer's main residence (downsizing). Where downsizing, customers need a minimum amount of equity in the property at the end of the mortgage term in order to repay the mortgage debt and also feasibly purchase another property (Max age: 70, Max LTV: 70%): £200,000 equity required at the start of the mortgage for all securities located within London and the South East of England‚ £150,000 for securities located in the rest of the UK. Other repayment strategies, including sale of other assets and occasional payments from income will be considered. An Interest Only Repayment Strategy Declaration Form will be required which clearly sets out the repayment strategy and amount(s) to be used.

Interest Only

Available on all levels, up to product maximum LTV

Interest Only

Acceptable on all tiers up to 70% LTV

Inherited Properties

Acceptable as long as it has been through Probate. Treated as a Remortgage.

Industrial Injuries Disablement Benefit

Not acceptable

Industrial Injuries Disablement Benefit

Not acceptable

Income Support

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Income Support

Accepted at 50%

Income Multiple - Affordability

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If income is being used, then loan will be assessed for affordability.

Income Multiple - Affordability

All loans are assessed for affordability

Income from Trust Funds

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Income from Trust Funds

Accepted at 100% where supported by SA302 and corresponding tax year overview

In an Arrangement To Pay

Debt Management Plans accepted as long as being conducted satisfactorily

Housing Benefit

Not acceptable

Housing Benefit

Not acceptable

Housing Allowance / Mortgage Subsidy from Employer

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable

Housing Allowance / Mortgage Subsidy from Employer

Accepted at 100%

Houses of Multiple Occupation (HMO)

HMO's accepted up to 8 bedrooms. At least one applicant must have 1 years landlord experience. Min Valuation £100,000. Vida solicitors to confirm that if required, any applicable Local Council HMO license is either in force, or applied for. Rental assessment is 130% for BRT's and Limited Companies, 140% for HRT's. Top slicing not allowed for HMOs

Holiday Lets

Not Accepted

Holiday Home

No but we will consider capital raising for the purpose of purchasing a holiday home

Higher Lending Charge

Not charged

Higher Lending Charge

Not charged

Help To Buy 1 / Equity Loan Scheme

Full Help to Buy range available

Hard Footprint at AIP/DIP Stage

No, soft footprint only

Guardian's Allowance

Not acceptable

Guardian's Allowance

Not acceptable

Guarantors

Not Accepted

Guarantors

Guarantors are not accepted, but we offer a joint borrower, sole proprietor product called Helping Hand where parents and children can assist each other to buy a home by joining the mortgage without going on the title deeds. (See Helping Hand criteria for more details.)

Guaranteed Income Payment / Forces

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then this is acceptable at 100%.

Grade 2 Listed Buildings

Accepted

Grade 1 Listed Buildings

Accepted

Gifted Deposit Non-Blood Relative

Not accepted

Gifted Deposit Non-Blood Relative

Not acceptable

Gambling / Gambling Debts

Vida will not provide a remortgage to repay gambling debts.

Further Advance

Not Accepted.

Further Advance

Not Accepted.

Furloughed Applicants

As long as the currently furloughed applicant is returning to work within the four weeks following the application date. Unfortunately, we will be unable to issue an offer prior to the return to work date and regular non-guaranteed income (e.g. bonus, commission, overtime) will not be permitted. Please note that if an applicant’s income is not needed for affordability, then no return to work date is required. Please see Vida’s COVID-19 Lending guide for further info

Furloughed Applicants

As long as the currently furloughed applicant is returning to work within the four weeks following the application date. Unfortunately, we will be unable to issue an offer prior to the return to work date and regular non-guaranteed income (e.g. bonus, commission, overtime) will not be permitted. Please note that if an applicant’s income is not needed for affordability, then no return to work date is required. Please see Vida’s COVID-19 Lending guide for further info

Full Vacant Possession required on Completion

Require full vacant possession. If there is a current tenant in the property who will remain upon completion, a current AST must be in place

Freehold Houses with Self Contained Flats

Multiunit properties are several properties on one freehold title i.e. a block of flats. MUBs can be considered subject to: Maximum five units‚ Minimum valuation of the whole block £175,000 (London & South East) and £125,000 rest of country‚ Block can only consist of flats i.e. no mixed units‚ Charge to be taken over the whole freehold

Freehold Flats / Maisonettes

Not Accepted.

Freehold Flats / Maisonettes

Not Accepted.

Foster Carer's Allowance

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies this can be considered

Foster Carer's Allowance

Accepted as income at 100% for affordability purposes. SA302 required to confirm self employed status however income based on Foster Agency paperwork

Former Houses of Multiple Occupation (HMO)

Considered at underwriter discretion

Foreign Currency Mortgage Lending

Not offered

Foreign Currency Mortgage Lending

Not accepted

Forces Personnel

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable

Forces Personnel

Acceptable, also accept 100% from Armed Forces compensation scheme.

Forces Help To Buy Scheme

Not Accepted.

Forced Repossessions / Voluntary Possessions

Not accepted if repossessed in last 10 years.

Flying Freehold

Accepted as long as flying freehold affects no more than 15% of total floor space.

Flying Freehold

Accepted as long as flying freehold affects no more than 15% of total floor space.

Flats / Apartments with Deck / Balcony Access

Flats with balcony access can be considered.

Flats / Apartments in Converted Buildings

LTV's available up to scheme limits. High rise flats must have a lift if over 4 floors (ground floor + 3 floors). High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuers comments on mortgageability & saleability.

Flats / Apartments above Commercial Premises

Flats situated above commercial premises: Max 75% LTV. Flats situated above restaurants/takeaways/launderettes: Max 60% LTV. We do not consider flats/ apartments above public houses

Flats / Apartments (Re-sale/Not New Build)

LTV's available up to scheme limits. High rise flats must have a lift if property is located above 4th floor (ground floor + 3 floors). High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer’s comments on mortgageability & saleability. For Ex-Local Authority/Housing Association/Ministry of Defence - Where the block is over 4 storeys in height (ground floor + 3 floors) or with more than 50 units in the block can be considered on an individual basis. Balcony access can be accepted.

Flats / Apartments (Re-sale/Not New Build)

Non New Build flats are acceptable at LTVs up to scheme limits. With high rise flats, if the property on which the mortgage is secured is on the 4th floor or above, there must be a lift. High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer comments on mortgageability & saleability. For Ex-Local Authority/Housing Association/Ministry of Defence - where the block is over 4 storeys in height (ground floor + 3 floors) or with more than 50 units in the block - cases can be considered on an individual basis. Balcony access can be accepted.

Flat Roofs

Accepted subject to valuers comments and will be a function of location, value, build quality etc. Flats with 100% flat roofs accepted. For houses, if the property has >25% flat roof it will be down to underwriter discretion whether or not we will proceed.

Fixed Term Contracts - Employed

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies, this can be considered

First Time Landlord

Applicants who do not currently own any property are acceptable, but will be assessed for affordability on both a residential and BTL basis.

First Time Buyers

Applicants who do not currently own any property are acceptable, but will be assessed for affordability on both a residential and BTL basis.

First Time Buyers

Yes - a First Time Buyer is defined as an applicant who has never owned a residential property.

Fee Free Legals / Solicitors

Free legals are not offered. A £200 contribution towards legal costs is paid within 30 days of completion on the BTL Fee Saver range.

Family Gifted Deposit

Gifted deposits are accepted from close relatives - parent, child, grandparent, spouse / partner, sibling, step relatives, uncle, aunt, foster parent, legal guardian or step parent. Gifted deposit can be for the full deposit amount.

Family Gifted Deposit

Gifted deposits are accepted from close relatives - parent, child, grandparent, sibling, step relatives, uncle, aunt, foster parent, legal guardian or step parent. Gifted deposit can be for the full deposit amount.

Family Business (Working For / Employed By)

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If income is being used, we will require confirmation via accountant. Additional supporting evidence such as bank statements may be required

Family Business (Working For / Employed By)

Acceptable. Will require confirmation via accountant. Additional supporting evidence such as bank statements may be required

Family Assisted Mortgage

Helping Hand is our Joint Borrower Sole Proprietor purchase and remortgage offer (either FTB or home-mover, excludes RTB). Parents and children assisting each other to buy a home by joining the mortgage without going on the title deeds. All incomes considered in affordability subject to usual rules. Also, if a family or friends want to buy together, will consider up to 4 incomes but all applicants must reside at the security address.

Exposure Limits / Total Aggregate Borrowing on Portfolio with Lender

Can't have more than 20 properties with Vida or a total borrowing of £4m. Unlimited elsewhere.

Experienced Landlord Requirements / Classed as

At least one of the applicants must have 12 months landlord experience.

Expenses

Not acceptable

Expenses

Not acceptable

Expatriates / Ex Pats Self Employed

Accepted

Expatriates / Ex Pats Remortgage Debt Consolidation

Up to Scheme Limits - 75% LTV (70% if living in Australia)

Expatriates / Ex Pats Minimum Property Value

Non EEA-applicants require a minimum £150,000 property value. Otherwise, minimum £50,000 up to 70% LTV. Over 70% LTV, minimum value £70,000 for EEA applicants. For ex-local authority flats / maisonettes minimum £80,000 outside London, minimum £200,000 in Greater London

Expatriates / Ex Pats Minimum Loan

£25,000

Expatriates / Ex Pats Maximum LTV

Up to 75% LTV applies with the exception of Australia (70% LTV)

Expatriates / Ex Pats Maximum Age

79. Mortgage must end prior to any Applicant's 85th birthday

Expatriates / Ex Pats

Accepted. British Citizens living or working in any FATF country or confederation. Applicants must have 3 or more active credit accounts in the UK. First Time Landlords are acceptable but are restricted to £500,000 and 75% maximum LTV. First Time Landlords must currently own a UK property. First Time Landlords must provide evidence of a UK tax liability within the last 5 years e.g. HMRC tax overview, UK investments or, if employed by an international company and paid out of the UK office, a UK payslip showing the UK tax deduction. Maximum loan for EEA or non-EEA expats = £1,000,000. Maximum LTV = 75% except ex-pats living in Australia, which is 70%. Min property value for applicants residing in non-EEA countries = £150,000. Existing Landlords are acceptable and must own a BTL property in the UK. Payments to Vida must be made from a UK bank account in Sterling.

Expatriates / Ex Pats

Accepted for BTL cases only

Existing Second Charges Secured on Property

Will not permit a second charge to remain on a remortgage of a first charge unless it was for securing business overdraft facilities. We will require confirmation of this and a Deed of Postponement will be required

Existing Borrowers

Further Advances and Porting are not currently available

Existing Borrowers

Further Advances and Porting are not currently available

Ex-Council / Local Authority Houses

Ex-Council/Local Authority Houses are considered up to scheme and LTV limits as long as there is no outstanding pre-emption requirement to repay a proportion of the discount and is confirmed by our valuer to be a suitable security. Also, Wimpey No Fines houses (constructed post 1945 and not a bungalow) or a Laing Easiform house (constructed post 1965 and not a bungalow), are acceptable .

Ex-Council / Local Authority Houses

Ex-Council/Local Authority Houses are considered up to scheme and LTV limits as long as there is no outstanding pre-emption requirement to repay a proportion of the discount and is a Wimpey No Fines house (constructed post 1945 and not a bungalow) or a Laing Easiform house (constructed post 1965 and not a bungalow)

Ex-Council / Local Authority Flats / Maisonettes

Ex Council/LA flats/maisonettes are considered up to a max 80% LTV, if: minimum property value of £125,000 (£200,000 in Greater London), and for Right to Buy this is at the full market value not the discounted value. Where the block is over 4 storeys in height (ground floor + 3 floors) or with more than 50 units in the block can be considered on an individual basis. Balcony access can be accepted.

Equity Purchase

Not accepted

Endowment as an Interest Only Repayment Vehicle

Acceptable. Declaration Form will be required clearly setting out the repayment strategy and amount(s) to be used.

Employment Current / History

Income and employment details are not relevant for self funding BTLs. If top slicing or a FTB/FTL then income will be considered. All PAYE applicants must be able to provide at least 3 months’ employment history. If an Applicant has been employed in their current position for less than this, this will be at the Underwriter’s discretion. Applicants who are currently under Notice of Termination of Employment or Redundancy will not be accepted.

Employment Current / History

All PAYE applicants must have been in their current employment for a minimum of 3 months, same occupation and with 12 months' continuous employment. Applicants who are currently under Notice of Termination of Employment or Redundancy will not be accepted. Underwriter discretion will be used where applicants have been in their current job for less than 3 months.

Employment & Support Allowance / ESA

Income and self-employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable at 50%

Employment & Support Allowance / ESA

Accepted at 50%

Employer's Reference

Not required.  If income needs to be proven, it is usually assessed using the last 3 months' payslips

Employer 'Value Accounts'

Not acceptable

Employer 'Value Accounts'

Not acceptable

Employee Benefit Trusts (EBT)

Not acceptable

Employee Benefit Trusts (EBT)

Not acceptable

Employed Director - Share in Business

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If income is being used, where a director has a shareholding of 25% or above they are classed as self employed. Joint borrowers holding a combined 25% or more shares will be classed as self-employed.

Employed Director - Share in Business

Where a director has a shareholding of 25% or above, or joint borrowers holding a combined 25% or more, they will be classed as self-employed.

Employed Applicants - Future Pay Rise Pending / Confirmed

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Employed - Proof of Income

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, we need to see the latest 3 months’ payslips or the latest 3 months’ bank statements showing salary credits as well as the latest payslip

Early Repayment Charges / ERCs

ERC's will be payable on redemption within fixed period - 4%/3% from completion on 2 year products and 5%/4%/3%/3%/3% from completion on 5 year products

Downsizing as an Interest Only Repayment Strategy

Downsizing acceptable. Customers are expected to have a minimum amount of equity remaining in the property at the end of the mortgage term in order to repay the mortgage debt and also feasibly purchase another property. Min £200,000 equity required at the start of the mortgage for all securities located within London and the South East of England‚ £150,000 for securities located in the rest of the UK. Max LTV : 70%

Dividend Income in Retirement

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies this can be considered

Distressed Sales

Not Accepted

Discounted Market Sales / Section 106 / Section 75

Not acceptable.

Disability Living Allowance / DLA

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If allowance is being used in affordability, its accepted at 50%.

Disability Living Allowance / DLA

Accepted at 50% for affordability purposes

Directors's Dividends

We will accept salary and dividends as a suitable source of income for directors for affordability purposes. Last year's net profit after tax can also be considered if 100% of shareholders are on the mortgage. Accounts will be required to support the application.

Director's Loans

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Director's Dividends

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If income is being used Vida will accept salary and dividends as a suitable source of income for directors for affordability purposes. Last year's net profit after tax can also be considered if 100% shareholders are on the mortgage. Accounts will be required to support the application

Direct Debit Details

Payments to the mortgage account are to be made monthly by Direct Debit from a UK bank account in the applicants name. Direct Debit mandates in limited company/partnership names are acceptable for Limited Company/LLP BTL.

Direct Debit Details

Payments to the mortgage account must be made monthly by Direct Debit from a UK bank account in the applicants name. Payments from Limited Companies will not be accepted

Deposit Sources - Unacceptable

Other borrowing is not an acceptable source of deposit funds nor is a gifted deposit from anyone not defined as a close relative

Deposit Sources - Unacceptable

Other borrowing is not an acceptable source of deposit funds nor is a gifted deposit from anyone not defined as a close relative

Deposit Sources - Acceptable

Family - Accepted from close relatives i.e. parent, grandparent, sibling, step relatives, child etc. First time buyers - full gifted deposits accepted. Builder / Vendor - Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder, confirming monetary value.

Deposit Sources - Acceptable

Family - Accepted from close relatives i.e. parent, grandparent, sibling, step relatives, child etc. First time buyers - full gifted deposits accepted. Builder / Vendor - Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder, confirming monetary value.

Dependants

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then any dependants will be considered in the affordability calculaton.

Dependant Relative Remortgage

Not Accepted.

Dependant Relative Purchase

Not Accepted.

Definition of / Classed as New Build

Vida Homeloans define a new build property as a property that has never been occupied and must have suitable warranty. (See Criteria Category \Warranties)". Properties in the course of construction and off plan will be considered on a 'finished basis' valuation with full retention of monies until property ready for occupation

Definition of / Classed as New Build

Vida Homeloans define a new build property as a property that has never been occupied and must have suitable warranty. (See Criteria Category \Warranties\")". Properties in the course of construction and off plan will be considered on a 'finished basis' valuation with full retention of monies until property ready for occupation

Defaults up to £500

Acceptable. Vida offers products across 4 tiers based upon the level of adverse. Please review Buy To Let Product Rates Guide on Vida's website

Defaults Satisfied over 3 years / 36 months ago

Acceptable. Vida offers products across 4 tiers based upon the level of adverse. Please review Buy To Let Product Rates Guide on Vida's website

Defaults Satisfied in the last 3 years / 36 months

Acceptable. Vida offers products across 4 tiers based upon the level of adverse. Please review Buy To Let Product Rates Guide on Vida's website

Defaults Registered over 3 years / 36 months ago

Acceptable. Vida offers products across 4 tiers based upon the level of adverse. Please review Buy To Let Product Rates Guide on Vida's website

Defaults Registered in the last 3 years / 36 months

Acceptable. Vida offers products across 4 tiers based upon the level of adverse. Please review Buy To Let Product Rates Guide on Vida's website

Defaults more than/over £500

Acceptable. Vida offers products across 4 tiers based upon the level of adverse. Please review Buy To Let Product Rates Guide on Vida's website

Defaults - Unsatisfied

Acceptable. Vida offers products across 4 tiers based upon the level of adverse. Please review Buy To Let Product Rates Guide on Vida's website

Defaults - more than 1 / 2 or more

Acceptable. Vida offers products across 4 tiers based upon the level of adverse. Please review Buy To Let Product Rates Guide on Vida's website

Defaults

Vida offers 4 tiers of products for BTL based on varying levels of adverse. Please view Buy to Let Product Rates Guide on Vida website for detailed information.

Defaults

Yes, we will consider applicants with varying levels of defaults. The maximum allowed is 4 in the last 24 months with none above £500 in the last 6 months.

Debt Relief Order / DRO

Accepted as long as satisfied at least 6 years ago

Debt Management Plans

Debt management plans considered providing conducted satisfactorily and don't need to be paid off. Must be well conducted. Impaired and improving credit - small or life events allowable.

Debt Management Plans

Debt management plans considered and don't need to be paid off. Must be well conducted.

Day 1 Remortgage / 6 month rule

We're sorry but it is not possible to remortgage within the first 6 months, unless it's from a bridging loan. With bridging finance provided by other lenders, day 1 remortgaging, including the roll up of interest and lender fee,s is allowed. Capital raising is not accepted and we are unable to remortgage a private bridge.

CSA / Child Maintenance Service Payments

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL.  If one of these applies, this is acceptable at 100%

CSA / Child Maintenance Service Payments

Accepted at 100%

Criminal Record

Not accepted unless the conviction is for a minor traffic offence or unless it is a spent conviction under the Rehabilitation of Offenders Act 1974.

Credit Scored

No Credit Scoring used

Credit Scored

Vida does not credit score applications

Credit Repair for Adverse Credit

Vida offers a full range of Credit Repair products catering for varying levels of adverse. See Product Guide on Vida website for full adverse grid.

Credit Referencing Agency Used

Experian, Call Credit

Credit Referencing Agency Used

Experian, Call Credit

Credit Commitments / Less than 12 Months Remaining

Will take into account if income is being used. If new loan is unaffordable with the debt to remain, it will be made a condition of the offer that it must be repaid.

Credit Commitments / Debts To Be Repaid

Will take into account if income is being used. If new loan is unaffordable with the debt to remain, it will be made a condition of the offer that it must be repaid.

Credit Commitments / Debts To Be Repaid

If new loan is only affordable once the old debt is cleared, it will be made a condition of the offer that it must be repaid.

Credit Checked / Searched

Yes. Cascade underwriting up and down resulting in the right product and rate for your customer.

Credit Card Balances

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, 3% of the current balance will be annualised and deducted unless customer can provide evidence of full repayment each month for a period of 3 months

Credit Card Balances

For each credit card commitment, 3% of the current balance showing on the credit search will be annualised and deducted unless customer can provide evidence that each card has been fully repaid each month for a period of 3 months

Credit Card / Revolving Credit Arrears

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this can be considered

Court Ordered Child Maintenance

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Court Ordered Child Maintenance

Accepted at 100%

County Court Judgements/CCJ's

Vida offers 4 tiers of products for BTL based on varying levels of adverse. Please view Buy to Let Product Rates Guide on Vida website for detailed information

County Court Judgements / CCJ's up to £500

Vida Homeloans will accept customers that have adverse credit, the requirements detailed below apply to the standard product range and are the maximum adverse credit per application. Maximum of 2 CCJ's registered in last 24 months with 0 above £250 in the last 6 months with no more than £5,000 unsatisfied

County Court Judgements / CCJ's Satisfied over 3 years / 36 months ago

Vida Homeloans will accept customers that have adverse credit, the requirements detailed below apply to the standard product range and are the maximum adverse credit per application. Maximum of 2 CCJ's registered in last 24 months with 0 above £250 in the last 6 months

County Court Judgements / CCJ's Satisfied in the last 3 years / 36 months

Vida Homeloans will accept customers that have adverse credit, the requirements detailed below apply to the standard product range and are the maximum adverse credit per application. Maximum of 2 CCJ's registered in last 24 months with 0 above £250 in the last 6 months

County Court Judgements / CCJ's Registered over 3 years / 36 months ago

Vida Homeloans will accept customers that have adverse credit, the requirements detailed below apply to the standard product range and are the maximum adverse credit per application. Maximum of 2 CCJ's registered in last 24 months with 0 above £250 in the last 6 months

County Court Judgements / CCJ's Registered in the last 3 years / 36 months

Vida Homeloans will accept customers that have adverse credit, the requirements detailed below apply to the standard product range and are the maximum adverse credit per application. Maximum of 2 CCJ's registered in last 24 months with 0 above £250 in the last 6 months

County Court Judgements / CCJ's more than/over £500

Acceptable. Vida offers products across 4 tiers based upon the level of adverse. Please review Buy To Let Product Rates Guide on Vida's website

County Court Judgements / CCJ's - Unsatisfied

Acceptable. Vida offers products across 4 tiers based upon the level of adverse. Please review Buy To Let Product Rates Guide on Vida's website

County Court Judgements / CCJ's - more than 1 / 2 or more

Vida Homeloans will accept customers that have adverse credit, the requirements detailed below apply to the standard product range and are the maximum adverse credit per application. Maximum of 2 CCJ's registered in last 24 months with 0 above £250 in the last 6 months with no more than £5,000 unsatisfied

Corporate Let

Accepted. Will howeve require sight of the Corporate Letting Agreement in order to consider fully

Convictions

Not accepted unless the conviction is for a minor traffic offence or unless it is a spent conviction under the Rehabilitation of Offenders Act 1974.

Contract Workers

Income details not required for self funding BTL's. Where FTB or wanting to use top slicing contract workers are acceptable. Minimum 6 months contract or rolling 3 months renewed at least once. Customer must have a 1 year track record of employment within the same line of work. For self employed (including if paid via umbrella company), weekly rate x 46 weeks. Where employer pays both tax and NI, income verified via last 3 months payslips and most recent P60 if applicable. CIS contractors income verified using the average of 3 months income from latest payslips.  Each application will be considered individually.

Contract Workers

Acceptable. 6 month or longer contract, or rolling 3 month contract renewed at least once. The customer needs a 1 year track record of employment within the same line of work. For the self-employed (including if paid via umbrella company), weekly rate x46 weeks. Where employer pays both tax and NI, income verified from last 3 months payslips and most recent P60 if applicable. CIS contractors income verified using the average of 3 months' income from latest payslips.

Consumer Buy To Lets / BTL

Not available. We will only accept borrowers who are intending to invest for capital growth or receive income from rental yield.

Consumer Buy To Lets / BTL

Not accepted

Construction Types - Acceptable

Panellist Construction Systems Structural Insulated panels (SIPS) are acceptable. Insulating Concrete Form Work (ICF) also known as Permanent Insulated Form Works subject to BOPAS Accreditation, BPS2020 and UK Agreement Certificate. Also subject to a 60 years minimum design life assessment and must have outer skin of brick, block or stone. Timber frame with a brick or block outer frame is acceptable. Steel frame post 1987 and construction within BBA or WIMLAS Certification. Wimpey No Fines if constructed after 1946. Laing Easyform if constructed after 1966.

Constant Attendance Allowance

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies this can be considered

Constant Attendance Allowance

Accepted at 50%

Consent To Let

Yes, subject to a £100 fee and a 1% loading on the interest rate.

Concessionary Purchase / Deed of Gift / Inter-family transactions

Where the purchase price is less than 90% of the Vida valuation and the borrower is buying from a close relative, or a tenant of at least 12 months is buying from their landlord, it will be considered as Purchase at undervalue. The mortgage can be up to 75% of the open market and up to 95% of the purchase price with the applicant providing at least 5% deposit. Where the property is being purchased from a family member they may not continue to reside in the property and must relinquish all rights to the property. Evidence of satisfactory mortgage for the family member will be required

Concessionary Purchase / Deed of Gift / Inter-family transactions

Where the purchase price is less than 90% of the Vida valuation and either the borrower is buying from a close relative, or a tenant of at least 12 months is buying from their landlord, it will be considered a purchase at undervalue. The mortgage can then be up to 75% of the open market value and up to 95% of the purchase price, with the applicant providing at least 5% deposit. Where purchasing from a family member, they may not continue to reside in the property and must relinquish all rights to the property. Evidence of satisfactory mortgage for the family member will be required.

Company / Occupational Pension

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies this can be considered

Commission Only Basis Employment

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Commission / Profit Related Pay

Income details not required for self funding BTL's. Where FTB or wanting to use top slicing then Commission or profit related pay would be considered at 50% (providing evidence is supplied). Each application will be considered individually

Commission / Profit Related Pay

50% of non-regular Commission and Profit Related Pay is accepted (providing evidence is supplied).

Coal Mining Authority Reports

Required in certain areas of the country.

CIS Contractors

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL. If one of these applies, this is acceptable.  Affordability assessed using an average of 3 months' income from latest payslips or equivalent

Childcare Vouchers

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Childcare Costs

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply, this will be included in the affordability assessment

Child Tax Credits

Income details not required for self funding BTL's. Where FTB or wanting to use top slicing then Child Benefit would be considered at 50% (cannot be main source of income) however each application will be considered individually

Child Tax Credits

50% accepted (cannot be main source of income) however each application will be considered individually

Child Benefit

Income details not required for self funding BTL's. Where FTB or wanting to use top slicing then Child Benefit would be considered at 50% (cannot be main source of income) however each application will be considered individually

Child Benefit

50% accepted (cannot be main source of income) however each application will be considered individually

Certifying Documents - Requirements

No requirement for every page to be signed. Can put a covering sheet to state that all originals have been seen and certified.

Certifying Documents - Requirements

No requirement for every page to be signed. Can put a covering sheet to state that all originals have been seen and certified.

Cash Reserve / Facility for Additional Funds

Not acceptable

Cash Reserve / Facility for Additional Funds

Not acceptable

Carer's Allowance

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies this can be considered at 50%

Carer's Allowance

Accepted at 50%

Car Allowance

Income details not required for self funding BTL's. Where FTB or wanting to use top slicing then Car allowance would be considered at 100% providing it is paid as part of salary and not as a benefit in kind however each application will be considered individually

Car Allowance

100% accepted where paid as part of salary.

Capital Raising - Home Improvements

Remortgage allowed for any legal purpose including; Home Improvements, School Fees, Debt Consolidation. Excludes speculative investments, Gambling Debts etc

Capital Raising - Debt Consolidation

Debt Consolidation available up to scheme limits

Capital Raising - Debt Consolidation

Debt Consolidation available up to 75% LTV

Capital Raising - Business Purposes

Remortgage allowed for any legal purpose including deposits for BTL properties, Business purposes (Professional), debt consolidation. Excludes speculative investments.

Capital Raising

Remortgage allowed for any legal purpose. Capital Raising excludes business finance, speculative investments, gambling debts and purchase of time share.

Capital Raising

Remortgage allowed for any legal purpose. Capital Raising excludes business finance, speculative investments, gambling debts and purchase of time share.

Capital & Interest Repayment Method

Acceptable

Cabin Crew / Flight Attendants

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then Flight Attendant / Cabin Crew is treated as a normal employment with income evidenced by payslips

Bursaries

Not acceptable

Bursaries

Not acceptable.

Building Use Classes

C3 (a), (b) and (c) are acceptable. Any other Building Use Classes are unsuitable for security.

Builder Part Exchange Transactions

Not accepted

Builder Part Exchange Transactions

Not accepted

Builder Gifted Deposit

Accepted providing incentive does not exceed 5% and confirmation is received from the vendor/builder, confirming monetary value. Maximum 5% of the total amount of the Incentives as declared on the UK Finance Disclosure Form.

Builder Gifted Deposit

Acceptable up to 5% of the total purchase price.

Builder Cash Incentives

Acceptable. Maximum 5% of the total amount of the Incentives as declared on the UK Finance Disclosure Form.

Builder Cash Incentives

Acceptable up to 5% of the total purchase price.

British National Working Abroad / Offshore / Overseas

Accepted. British Citizens living or working in any FATF member country or confederation, excluding high risk countries (www.fatf-gafi.org/countries/#FATF) Must currently own a UK property and have 3 or more active credit records per application. Payments must be made from a UK bank account in Sterling.

Bridging

Bridging finance not available

Bridging

Bridging Finance not available

Borrow Back Facility

Not available

Booking / Application / Processing Fees

Fee Saver products on properties valued below £500,000 only require a £49 assessment fee to be paid upfront, with this fee refunded within 30 days of completion. For properties valued over £500K, refund of valuation fee and £180 assessment fee within 30 days of completion (max £650). Standard products have a £180 assessment fee, application and valuation fees.

Booking / Application / Processing Fees

Fee Saver products on properties valued below £500,000 only require a £49 assessment fee to be paid upfront, with this fee refunded within 30 days of completion. Standard products have a £180 assessment fee, application and valuation fees.

Bonus - Quarterly

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies this can be considered at 75% if seen to be regular

Bonus - Quarterly

Accepted at 75%. Regular quarterly bonus supported by the last 3 months' payslips and the month where bonus was paid. Accepted at 50% where Non regular bonus (providing evidence of bonus is supplied).

Bonus - Monthly

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies this can be considered at 75% if seen to be regular

Bonus - Monthly

Accepted at 75%. Regular monthly bonus supported by the last 3 months' payslips and the month where bonus was paid. Accepted at 50% where non regular bonus (providing evidence of bonus is supplied).

Bonus - Annual Performance Related / Discretionary

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies this can be considered at 50%

Bonus - Annual Performance Related / Discretionary

Accepted at 75%. Regular annual bonus supported by the last 3 months' payslips and the month where bonus was paid. Accepted at 50% where non-regular bonus (providing evidence of bonus is supplied).

Bonus - Annual Guaranteed

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies, 75% can be used

Bonus - Annual Guaranteed

75% accepted - satisfactory evidence via payslips is required

Bonus - 6 Monthly / Half Yearly

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL but if either of these apply then this is acceptable up to 50% and subject to suitable evidence.

BISF Properties - Non Standard Construction

Not accepted

Bereavement Allowance

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies this form of income is not acceptable

Bereavement Allowance

Not acceptable

Below Market Value Purchase / BMV

Acceptable where property is being purchased from a close relative, or a long standing tenant buying from their landlord. Mortgage can be up to 75% of the OMV report and up to 95% of the purchase price with applicant providing at least 5% deposit.

Below Market Value Purchase / BMV

Acceptable where property is being purchased from a close relative, or a long standing tenant buying from their landlord. Mortgage can be up to 75% of the Open Market Valuation report and up to 95% of the purchase price with applicant providing at least 5% deposit.

Basement Flats / Apartments

Acceptable subject to Valuation

Barn Conversions

Considered subject to valuers comments and underwriter discretion

Bankruptcy / Sequestration

Acceptable if discharged over 6 years ago. A full understanding of the circumstances surrounding the cause will be required

Bankruptcy / Sequestration

Yes, if discharged at least 6 years ago. We will need a full understanding of the circumstances surrounding the cause.

Bank Statements

In most cases yes. If bank statements are required to support the case they will be requested on an individual basis

Bank Statements

In most cases yes. If bank statements are required to support the case this will be requested on an individual basis

Bank Overdraft Limits / Conduct / Usage

Acceptable as long as the overdraft limit is not exceeded.

Back to Back Purchase Transaction / Minimum Time of Ownership by Vendor

Agreed

Attendance Allowance

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL, but if one of these applies this can be considered

Attendance Allowance

Accepted at 50%

Assured Shorthold Tenancy Agreement (ASTA) / Tenancy Requirements

No. We can accept ASTs (6-36 month duration); Student lets; Corporate lets providing they are let directly to a registered provider of social housing or a Public Limited Company (PLC).  No limit on duration of a Corporate let

Assignable Contracts

Vida cannot accept assignable contracts

Architect's Certificate / Professional Consultant

Architect's certificate accepted on condition consultant holds a recognised quailification and has suitable professional indemnity insurance in force.

Architect's Certificate / Professional Consultant

An architect's certificate can be accepted where the consultant holds a recognised qualification and has suitable professional indemnity insurance in force.

Applications from Property Developers / Builders

Will be considered on individual merit

Applicants Paid in a Foreign Currency / Not Sterling

Not accepted

Applicant with Diplomatic Immunity

Not Accepted

Applicant with Diplomatic Immunity

Not accepted.

Applicant with a Power of Attorney

Yes - evidence of the POA is required

Applicant with a Power of Attorney

Yes - evidence of the POA is required

Applicant living in Tied Accommodation

Vida cannot accept applications where living in Tied Accommodation

All Benefits No Earned Income

Income details are not required for self funding BTL's. Where the Applicant is a First Time Buyer or wants to use top slicing then proof of income whether benefits or not, will be required

All Benefits No Earned Income

One of the applicants needs to be employed or self-employed and earning a minimum of £15,000 per annum. Additional applicants may have all income derived from acceptable benefits.

Agricultural Ties / Restrictions

Not accepted

Agency Workers

Not accepted

Age Gap Between Applicants

Can consider.

Age Gap Between Applicants

Vida will not currently lend in or into retirement so mortgage term must end on or before anticipated retirement of any applicant

Affordable Housing

Not acceptable

Affordability Calculator

An affordability calculation is on the website to give an indication of the maximum loan available.  See website for ICR requirements.

Affordability Calculator

Affordability calculator looks at net Income/committed expenditure/monthly basic and quality of living expenditure using modelled data from ONS. Where affordability fails and the customer's actual declared expenditure is less than the modelled expenditure, the mortgage may be reconsidered providing that evidence of the customer's actual expenditure is obtained.

Adviser's Own Mortgage Application / Conflict of Interest

Acceptable

Adoption Allowance

Not acceptable

Adoption Allowance

Not acceptable

Additional Borrowing

Additional borrowing to the main loan is not permitted

Additional borrowing

Borrowing in addition to the main loan is not permitted.

Add Lender's Fees to Loan

Fees can be added at all LTVs except 85%. Can go above the LTV but must not exceed maximum loan limits.

Add Lender's Fees to Loan

Product fees can be added at all LTVs except 90%. For Interest Only mortgages, maximum LTV is 70%

Add Broker / Adviser Fees to Loan

Not acceptable.

Accountant's Letter / Reference / Certificate - Required

Income for self-employed borrowers can be via either SA302 & corresponding Tax Year Overview, latest financial accounts or an accountant's certificate

Accountant's Letter / Reference / Certificate - Required

Evidence of income for self-employed borrowers can be via either SA302 & corresponding Tax Year Overview, latest financial accounts or an accountant's certificate

Accountant Qualification

Income and employment details are not relevant for self funding BTLs unless top slicing or a FTB/FTL

Accountant Qualification

ACA, FCA, ACCA, FCCA, AAPA, FAPA, ACMA, FCMA, MAAT, FMAAT, CTA, AIA. If the Accountant does not hold one of these qualifications we will require SA302s and the Tax Year Overview for Sole Traders or Partnerships. For Limited Companies the accountants certificate must be reviewed and signed by an accountant with a recognised qualification.

Acceptance of Electronic ID

Vida will carry out Electronic identification checks to identify an applicant(s) against a variety of public databases. If electronic verification does not pass the expected threshold, then proof of identity and residency, as appropriate, is required.

6 Month Rule / Day 1 Remortgage

Unless from a bridging loan, it is not possible to remortgage within the first 6 months. With bridging finance provided by other lenders, day 1 remortgaging including the roll up of interest and lender fees is allowed. Capital raising is not accepted and we are unable to remortgage a private bridge.
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