Vida launches new tiering and enhanced criteria:
- Vida have simplified their credit tiers across residential and buy-to-let
- The previous five tiers are replaced with three tiers: Vida 36, Vida 24, and Vida 6
- A number of criteria enhancements also announced including child benefit income
accepted up to 100% and back-to-back remortgages within 6 months
Vida, the specialist lender, have today announced several enhancements to their tiering and
criteria. From today, there will be just three tiers: Vida 36, Vida 24, and Vida 6. The newly simplified tiers will assist those with historical adverse or minor blips to get the best products and rates available to them.
The lender has combined their previous Vida 48 & 36 tiers, supporting borrowers with historical CCJs or Defaults over 3 years ago. All customers qualifying for Vida 36 will now be offered Vida’s lowest range of rates even where unsecured payments of up to £250, helping borrowers who, for example, may have missed a store card or car loan repayment but still have a desire to obtain or switch a mortgage.
In terms of criteria changes, they have announced a raft of enhancements including:
- Child benefit income accepted up to 100% and tips up to 75%
- Back-to-back remortgages considered within 6 months
- Enhanced support for non-standard property types
- Cases considered where evidence of self-employed income is up to 18 months old, subject to the relevant bank statements being provided
- Payslips now accepted as evidence of income for contractors working under the
Construction Industry Scheme (CIS)
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