Vida Homeloans has launched ‘Vida Flex’, a mortgage product aimed at both professional and first-time landlords.

The product allows borrowers to fix for five years with the option to leave after three years at no cost, whether that be to refinance or sell their property.

It is available at up to 75 per cent LTV and rates start at 3.84 per cent.

Vida managing director of mortgages Louisa Sedgwick says: “We feel overwhelmed with the incredible response from advisers that we’ve had since our return to lending. Vida’s new plans are all about being the lender for Britain’s underserved borrowers and helping more people find a safe place to call home.

“Hearing the team responding to new enquiries from advisers about real-life customer cases has reinforced the important role we can play for customers to make their housing plans a reality.”

Vida returned to the market at the start of this month after closing its doors to new business in late March this year with a new mission to ‘change mortgages for good’.