Buy to Let

‘Business as usual’ for Vida’s portfolio landlord clients after PRA changes

The specialist lender has always assessed the wider portfolio as part of its underwriting, so this approach is a continuation of its proposition which has made up a significant part of its lending to date.

Vida’s proposition will be launched on 28 September for landlords who have four or more buy-to-let properties, including unencumbered properties.

It will accept existing portfolio schedules to be uploaded if they contain its minimum information requirements. Vida will not require brokers to enter details on a third-party platform for portfolio cases.

The minimum rental income versus mortgage payment ratio will remain at 125%. When £ for £ remortgage, the notional rate is 5%, otherwise 5.5% applies. For a five-year fixed rate, the cover is based on the product rate.

Vida will continue to lend on a maximum of 15 properties with an increased maximum portfolio of £2 million with Vida.

It will also continue to lend on Houses of Multiple Occupation (HMOs) and Multi Unit Freehold Blocks (MUBs) as part of its portfolio landlord proposition.

Louisa Sedgwick, director of sales – mortgages, commented: “We are really excited to continue to support BTL portfolio landlords post the PRA changes, and we are making very few changes to our existing underwriting policies and processes to ensure that brokers do not face extra work as a result.”

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