We are pleased to share with you our latest criteria and product updates. Your updated criteria, product guides, and Exclusive flyers are attached and reflect all changes included in this release.
Here’s a quick overview of what’s new
- Key criteria enhancements for both landlords and homeowners, including increased maximum portfolio value with Vida to £7.5m, a new inter-company loans deposit option for landlords, a higher debt‑consolidation LTV to 90% for homeowners, and improved support for foreign nationals (including now accepting landlords without indefinite leave to remain).
- Re-introduction of BTL Limited Editions, with a 4% and 7% Product Fee
- Rate increases apply only to selected New Business BTL products. New Business Residential rates, as well as Product Transfer BTL and Residential rates, remain unchanged.
Summary of Criteria enhancements
BTL Portfolio – Maximum Exposure Increase
We have enhanced our professional Buy to Let offering. Landlords can now be considered with:
- Up to 20 propertieswithin a Vida portfolio, and
- A maximum of £7.5mtotal exposure with Vida.
There is no limit on overall portfolio size.
Intercompany Loans – Accepted as Source of Deposit
Intercompany loans can now be used as a source of deposit for BTL SPV applications, where the applicant is an equal or majority shareholder in the trading company providing the funds.
To be acceptable, the following criteria must be met:
• The applicant must provide evidence of the intercompany loan funds.
• The lending company must be UK‑registered and incorporated for at least 12 months.
• The acting solicitor will complete all necessary due‑diligence checks prior to completion (e.g. any directors or shareholders not on the mortgage application must give consent to the loan).
Director Loans
• Director’s loans are acceptable as a source of deposit.
• Where money is withdrawn from the applicant’s own limited company, they must be an equal or majority shareholder.
Debt Consolidation – LTV Increase to 90%
Remortgages are allowed for any legal purpose.
- Debt consolidation is now available up to 90% LTV on the Vida 36 tier.
- Across all other tiers, debt consolidation is available up to 85% LTV.
- Capital Raising excludes business purposes, speculative investments, gambling debts and time‑share purchases.
- Capital Raising for gambling debts is not permitted. Debt consolidation is now available up to 90% LTV on the Vida 36 tier.
Foreign Nationals – Criteria Enhancements
For both BTL and Residential: Where one applicant has indefinite rights to live and work in the UK, and the other applicant(s) have non‑permanent rights but hold an acceptable visa and have been in the UK for at least 12 months, loans can proceed as per standard policy up to scheme limits.
- Minimum continuous residency requirement reduced from 24 months to 12 months, aligned with the Residential Foreign Nationals criteria.
- Foreign Nationals without ILRare acceptable up to current BTL scheme limits, provided they hold a visa from the approved list below:
Approved Visa Types:
• Skilled Worker Visa
• British National (Overseas) Visa
• Health and Care Worker Visa
• Family Visa – Spouse or Partner
• Family Visa – Parent
• Family Visa – UK Ancestry
• Family Visa – Skilled Worker Dependent
• Innovator Founder Visa
• Investor Visa
• Global Talent Visa
• Minister of Religion Visa
• Sportsperson Visa