Specialist lender Vida has expanded its product range with a new seven-year fixed rate residential mortgage. 

This new product will be available up to 90% LTV, with rates starting at 7.49%, with the standard £995 fee, or 7.69% for the fee-free option. This has no product or assessment fee and comes with a free valuation. 

This product is available on the Vida 36 tier and has a £600,000 maximum loan size. 

Vida is also offering a new two-year fixed rate buy-to-let product, offering a rate of 6.65% up to 65% LTV. This is available on its Vida 36 range for individual units, HMOs and multi-unit blocks and comes with a fixed fee of 2%. 

Vida says this BTL loan is a limited edition product, meaning it may be withdrawn at short notice.

Vida head of intermediary relationships Helen Cawthra says: “At a time when many households are struggling to save due to cost-of-living pressures or high ongoing monthly rent, being able to buy or move with a smaller deposit is an attractive option, especially for first time buyers. 

“A seven-year product will also give intermediaries more options to discuss with clients who are looking for longer term consistency and peace of mind when it comes to their monthly repayments.”

All products are backed by Vida’s service pledge, which allows brokers to request a refund of the £180 application administration fee if they feel they have received anything but excellent service.