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Range extended to over 270 products, providing brokers with more options for clients
Additional tiers enable Vida to effectively price for all customers
Competitive pricing across all ranges, tiers, and LTV
Proc fees increasing to 0.6% for clubs and networks and 1% for packagers
Vida, the mortgage lending specialist, has today unveiled a brand refresh and two exciting initiatives, which form part of a wider campaign as it continues to evolve its business and further improve its product and service offering. This reflects Vida’s mission to provide brokers and their clients with solutions to meet their complex mortgage needs. The launch of the product tiering and increased proc fees emphasises Vida’s commitment to provide brokers with greater choice and competitive rates to serve their customers who are not served by high street lenders.
To reflect the growing variety and complexity of cases brokers are faced with, Vida’s product range has been extended from 90 to 270 products. The specialist lender has also introduced additional tiers to allow more effective pricing, the pricing is also competitive across all ranges, tiers and LTV price points. Additionally, to acknowledge the time and effort intermediaries put into maintaining their client relationships, Vida are increasing proc fees to 0.6% for clubs and networks and 1% for packagers.
These changes come in addition to other initiatives Vida launched last year, such as the Intermediary Product Switch Portal, “market leading solution” according to the brokers, which enables them to complete the product transfer journey for their customers in less than 15 minutes with everything completed online.
Richard Tugwell, Director of Mortgage Distribution at Vida commented:
“As a lending specialist, Vida is now a forward looking and nimble business, and our aim is to ensure we consistently deliver a first class intermediary experience and provide a great range of product options for our broker’s clients.”
The long-term implications of the recent pandemic mean there is a new generation of borrowers with increasingly complex financial situations who need the support of specialist lenders. Vida has worked closely with its intermediary partners to design a process that makes the journey of using its tiered products as simple and straightforward as possible, for both the broker and the borrower.
“We are committed to continually enhancing our service and product offering to provide these borrowers with greater choice and flexibility. The initiatives launched today are another step in achieving this, and we’re confident that these offerings are a great solution to help borrowers who are cut out of traditional mainstream lending.
“With more changes set to come, we are fully committed to ensure that we meet our stated ambitions to have a market leading proposition, keen pricing, high service levels and a sales and relationship team available when brokers need them. By concentrating on this we will help intermediaries to build longer lasting relationships with their clients.”