Vida has announced changes to its residential range as well as a number of criteria enhancements in response to market changes and feedback from intermediary partners and their clients.

The changes include removing the £180 assessment fee from all residential products, offering a free valuation for properties up to £1m and providing a £500 contribution to legal fees on completion across its Fee Saver Range. 

Vida’s new criteria enhancements include increasing the loan-to-value (LTV) to 85% where debt consolidation is a factor, in addition to increasing maximum loan sizes across the portfolio. 

It has also changed the criteria where the client has experienced a repossession from 10 years to six years.

Vida director of mortgage distribution Richard Tugwell says: “The product and criteria changes take account of the fast-moving pace of the mortgage sector, and we are confident that these will provide great solutions to borrowers who are cut out of traditional mainstream lending.”