The offering is available to the whole of market on both a purchase and remortgage basis, the product has a fixed fee of £3,750, with a maximum loan size of £750,000 and a free valuation for all properties up to the value of £1m.
The fixed fee special is priced at 4.34% for its core BTL product range and at 4.74% for its houses in multiple occupation (HMOs) and multi-unit blocks (MUBs) offerings.
Vida has also reduced the rate on its standard 80% LTV BTL 5-year fixed rate product to 4.34% and cut its 70% LTV rate by 10bps and its 75% LTV product by 15bps on a 2-year deal.
Following intermediary feedback, it has improved its expat offering, reducing initial rates by up to 30bps and lowering the product fee to 1.5% (minimum £795 fee).
Richard Tugwell, director of mortgage distribution at Vida, said: “COVID-19 has impacted the financial circumstances of millions of people across the UK, and landlords are no exception.
“Many have experienced issues with rental yield or are investing in more specialist property types, so they will need the support of expert lenders like Vida who can help them despite their more complex requirements.
“A thriving rental sector is key to the recovery of the UK housing market, and with a strong growth trajectory expected in the remortgage BTL sector this year, landlords have a good opportunity to focus on capital raising to extend their BTL portfolios.
“We’re confident that our fixed fee special is an ideal solution for landlords with several HMOs or MUBs, looking for greater choice and flexibility for larger loan sizes up to 80% LTV.”
