Vida has announced that it has reduced rates by up to 0.45% across its residential mortgage range and up to 0.50% on its buy-to-let products, effective immediately.

As part of the refresh, the lender has also introduced new limited-edition buy-to-let products at 65% loan-to-value, available on both two- and five-year fixed terms. These products come with a 4% fee and rates starting from 3.52%.

The rate reductions follow last month’s rollout of an automated valuation model (AVM), introduced in collaboration with Rightmove. The AVM is designed to streamline the application process and speed up decisions for both residential and buy-to-let borrowers.

Ross Williams, head of mortgage product management at Vida Homeloans, said: “With swap rates dropping and the base rate reduction to 4.25%, we’re in a position to lower the majority of our rates and pass these savings on directly to borrowers.”