Vida Homeloans is introducing a new ‘Vida Expat’ buy-to-let mortgage range.
The lender says its criteria has been designed in partnership with buy-to-let brokers and networks working in this specialist sector.
The ‘Vida Expat’ range is targeted at existing UK property owners living abroad who wish to invest in UK buy-to-let property. Maximum loan sizes are £1,000,000 for existing UK buy-to-let landlords and £500,000 for first time landlords.
The maximum LTV is 75% and there is no minimum income requirement or employment restrictions (applicants can be retired).
Vida allows capital raising remortgages for any purpose and will lend on HMOs up to eight bedrooms and MUBs up to five units. Applicants can reside in any country worldwide as long as it is a Financial Action Task Force (FATF) member country.
Louisa Sedgwick (pictured), director of sales – mortgages at Vida Homeloans, said: “We listen to our distribution partners and our new Vida Expat proposition is the latest evidence of our partnership approach to product design.
“We continue to commit to offer intermediaries innovation and flexibility in securing the best mortgage deal for their client’s needs.”
“We’ve been impressed by Vida’s responsiveness to market demand and this latest product launch certainly gives them some of the most flexible criteria in the expat sector right now,” added Stuart Marshall, managing director of Liquid Expat Mortgages.