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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
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%
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%
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 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.
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
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.
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.
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
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.
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.
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.
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.
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.
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
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
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
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.
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
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.
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
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
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.
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
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
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.
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.
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.
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
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
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
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.
Partial retentions not acceptable. Assessed on current valuation. Full retentions are required where substantial work is necessary on the subject property
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.
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.
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.
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.
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 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
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.
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
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)
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
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
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%
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%
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.
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)
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)
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
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
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.
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
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%.
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
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
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%
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
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.
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
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
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
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%
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%
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%
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.
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
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.
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.
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
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%.
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)
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.
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.
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.
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.
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
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 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 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.
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
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).
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.
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
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
£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)
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%
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.
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
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 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%
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
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.
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.
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
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.
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.
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
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
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.
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
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%.
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
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
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
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 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
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.
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.
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
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.
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
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.
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
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.
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
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 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.
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.
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%
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.
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
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 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
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%.
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
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
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.
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
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.
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.
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
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
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.
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 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 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%
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.
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.
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
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
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 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
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.
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.
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.
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
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
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
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
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
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
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
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%
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
Remortgage allowed for any legal purpose including deposits for BTL properties, Business purposes (Professional), debt consolidation. Excludes speculative investments.
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.
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
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.
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
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
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
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.
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
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.
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.
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
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
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.
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.
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
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
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.
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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Important Information!
We have made changes to our Product Range – please read carefully!
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