Vida Homeloans has returned to market after closing its doors to new business in late March this year with a new mission to ‘change mortgages for good’.

This move follows a £350m securitisation deal secured in July.

The specialist lender says that it will be open to both residential and buy-to-let borrowers and that its return heralds a new simplified product structure.

This new structure features residential ranges at up to 85 per cent LTV at two- and five-year fixed rates and, for BTL, up to 85 per cent LTV for HMO/MUBs.

Expat BTL borrowers will be able to go up to 75 per cent LTV.

Vida adds that residential borrowers will be able to choose from either zero product fee or a free standard valuation.

The lender also celebrates its return with the launch of a new website and a new AI chatbot, my intelligent lending operative – or MILO.

In mid-August, Vida announced a partnership with fintech firm Zoot in the creation of a new mortgage platform as part of its £5m investment in technology.

Vida managing director of mortgages Louisa Sedwick says: “Over the past few months, we have been planning and developing a new proposition that meets the wider needs of more borrowers in today’s market, and we are returning to new business with a renewed ambition to change mortgages for good.

“For us, ‘changing mortgages for good’, is more than just a concept, it’s at the heart of Vida’s strategic objectives. The specialist lending market is set to grow as more customers will no longer fit high street lending criteria, whether that be due to insecurity of income, furlough, payment holidays, sickness, or other credit issues.

“We want to help as many of these borrowers as possible, and our innovative products, technology and new approach to lending will allow us to achieve that.”