Vida Homeloans, the specialist mortgage bank, has launched a new range of 97% LTV residential mortgage products.
The products, called ‘3 & Easy’, are aimed at helping long-term renters and first-time buyers to get a foot on the property ladder and begin to move up the chain.
The entire 3 & Easy range is available to those with an adverse credit history, complex or second job income and the self-employed & contractors.
There is also a potential loan term of up to 45 years, assisting customers even further with affordability.
The range includes five and seven-year fixed rate products, giving customers longer-term stability with their monthly payments.
Commenting on the launch Vida head of intermediary relationships Helen Cawthra said: “The 3 & Easy range can be game-changing for so many people. From those who feel trapped in rented accommodation to prospective first-time buyers still living with Parents. They now have an option to buy their home sooner, with a smaller deposit of 3%.”
She added: “The products are also ideal for those young families looking to move on in life to a larger property to better suit their needs, without the need for a large deposit or savings.’
Vida has also announced enhancements to the procuration fees paid to intermediary partners. Networks and clubs will now receive 0.70% for new business, packagers will receive 1.10% and for any product transfers, Brokers will receive 0.40%.
