Vida Homeloans has withdrawn its second charge offering.
It launched its second charge pilot in March 2018, initially with two selected master brokers, CSC Loans and Loans Warehouse.
In May it added Positive Lending, Brightstar, Specialist Finance, Complete FS, Loan.co.uk and Promise Solutions to the panel, with The Loan Partnership joining in June.
Guy Batchelor, Vida’s sales and marketing director, said: “Vida’s Second mortgage operation was a pilot, designed to test our proposition and learn about the market with the help of a limited number of different types of intermediaries.
“We have undertaken a review and, with increasing uncertainty in the UK economy we believe that 2019 would be an inappropriate time to fully roll out our launch our seconds product both in terms of demand and funding.
“It is therefore with regret that we have decided to withdraw from the seconds market and bring an end to the pilot. We will keep the proposition ‘dormant’ for future implementation when the economic environment is right.
“We would like to thank those intermediaries who have helped us through this pilot phase. This in no way affects our first charge mortgage propositions in buy-to-let and residential specialist sectors and we are excited to have a number of strategic improvements to roll out over the next 12 months.”
