Vida has announced affordability enhancements, criteria changes and new product launches.

The lender has enhanced its affordability model for residential applications. It has also refined the evidence requirements for customers using personal savings as part of their deposit, streamlining the process and tailoring the evidence required to the individual circumstances of the application.

Changes have also been made to the lender’s buy-to-let (BTL) criteria, with the maximum loan size for BTL applications increased to £2m for loans up to 75% loan-to-value (LTV), across all credit tiers.

The new limit applies to all personal BTLs, special purpose vehicles, multi unit buildings (MUB) and houses of multiple occupation (HMO).

The new maximum loan size for BTL is inclusive of any fees added to the loan.

In addition, Vida has reintroduced their BTL limited edition, five-year products, up to 80% LTV, with options at both 4% and 6% fees for individual units or HMOs/MUBs.

Vida head of mortgage product management Ross Williams says: “By increasing our maximum loan size on BTL to £2m, we can support brokers with higher net worth clients looking to rent out their property.”

We’re also pleased to be able to reintroduce our Buy to Let Limited Editions, to offer further options to landlord clients, and to suit those who are seeking a lower monthly payment in lieu of a higher product fee.”

Vida head of intermediary relationships Helen Cawthra adds: “We’re confident our new simplified approach will make a real difference in the amount we are prepared to lend, especially in regions such as London and the South East.”

Yesterday, Vida announced it had received PRA and FCA authorisation to become a fully licenced bank.