Vida has extended its loan terms and cut selected rates across its range by up to 70 basis points, while Reliance Bank relaunches key worker mortgages.  

Vida says highlights of its changes cover:  

• Lifting its maximum age at the end of term to 80 years old  
• Raising the potential mortgage term to 45 years from 40 years   
• Reducing rates across the entire product range and launching limited edition products   

The specialist lender says it will consider lending up to an applicant’s 80th birthday based on their current income, where the applicant is under 50 years old, they are at least 10 years from retirement, and they are actively contributing to a pension scheme.  

The firm adds that its buy-to-let initial rates have been reduced by up to 70bps, with rates starting from 5.74% for five-year fixes and 6.84% on two-year fixes.  

Its residential rates have been cut by up to 55bps, with initial rates starting at 6.79% for five-year fixes and 7.14% for two-year fixes.  

The lender’s new limited edition products feature BTL five-year fixes at 75% loan to value. The products have a 6% fee and start from 5.14%. These will be available for single units, houses in multiple occupation and multi-unit freehold blocks.  

Vida head of intermediary relationships Helen Cawthra says: “Affordability is becoming more and more challenging for many, and we want to try and help borrowers under the age of 50 where mortgage terms may take them into retirement, so these latest enhancements to our criteria and products will give intermediaries additional options to discuss with their clients.”  

Meanwhile, highlights of Reliance Bank’s key worker range include:  

• Two-year fixes at up to 75% LTV, with an arrangement fee, at 5.30%  
• Two-year fixes at up to 90% LTV, with an arrangement fee, at 6.50%  
• Three-year fixes at up to 75% LTV, with an arrangement fee, at 5.25%  
• Three-year fixes at up to 75% LTV, with no arrangement fee, at 5.84%  

The bank offers £850 cashback on these loans, which will be paid within 60 days of the date of completion.  

The lender adds that all applications in this range must be completed before 31 March 2024.  

Reliance Bank head of mortgages Gareth Byrne adds: “We have improved our rates to help key workers own a home. And this product range continues to offer cashback incentives for key worker mortgage completions.”