Important Withdrawal Notice: Vida Homeloans Buy-to-Let & Product Transfer Products – What UK Borrowers Need to Know

Latest Update: Vida Homeloans Set to Withdraw Selected Mortgage Products

Vida Homeloans has announced a significant update regarding its Buy-to-Let (BTL) and product transfer mortgage offerings. If you are considering applying for a BTL mortgage or switching products with Vida, it is essential to understand these changes to avoid missing out on the current deals available. Below, we break down the affected products, deadlines, and what these withdrawals mean for prospective and existing borrowers.

Withdrawal of Selected Buy-to-Let and Product Transfer Mortgages

Key dates: These mortgage products will be withdrawn in two stages, with critical cut-off dates for applications and documentation.

Which Buy-to-Let Products Are Being Withdrawn?

• 2-Year Fixed, Vida 36: 75% LTV, 5% fee, fixed at 2.82%
• 5-Year Fixed, Vida 36: 65% LTV, 7% fee, fixed at 3.71%
• 5-Year Fixed, Vida 36: 75% LTV, 7% fee, fixed at 3.76%

These are part of Vida’s New Business BTL Limited Edition range. All other products, including other Limited Editions, remain available for now.

Cut-off Deadlines and Transition Arrangements

• For BTL Products above:
  • Decision in Principle (DIP) must be selected by: Monday, 15th September, 5:00 pm
  • For applications in progress: All mandatory documents uploaded and fees paid, application progressed to ‘Application Received’ stage by Monday, 22nd September, 5:00 pm
  • If these steps are not met: Case will revert to DIP stage and a new product must be selected
• All Other New Business and Product Transfer Products:
  • DIP must be selected by: Wednesday, 17th September, 5:00 pm
  • Applications in progress: Complete documentation and fees by Monday, 22nd September, 5:00 pm
  • Product Transfer offer must be produced: via Product Switch Portal by Wednesday, 17th September, 5:00 pm

Note: Any cases not meeting these deadlines will require applicants to select from Vida’s updated product range once released.

What Does This Mean for Borrowers?

Who does this affect? Landlords searching for competitive buy-to-let mortgage rates, investors seeking Limited Edition deals, and current Vida customers looking to switch or renew their mortgage product.

• Act fast if you wish to secure the rates listed above, especially if you are mid-application.
• All pipeline cases must complete documentation and payment of fees by the specified deadline to avoid missing out.
• After withdrawal, only Vida’s updated range will be available, which may feature new rates and terms.

Why Choose Vida Homeloans?

• Specialist Buy-to-Let Focus: Known for flexible criteria and innovative BTL solutions for both seasoned and portfolio landlords.
• Limited Edition Products: Often feature below-market rates and higher LTV options for qualifying clients.
• Supported Application Process: Clear timelines and transition arrangements to help ensure in-progress cases can complete under existing product terms.

Next Steps and How We Can Help

With Vida’s current BTL and product switch options changing, timing is critical. If you’re unsure about your eligibility or want to act before the deadlines, now is the time to contact our expert mortgage advice team. We can help you:

• Review eligibility for Vida’s outgoing and forthcoming products
• Submit or progress your application promptly to secure current deals
• Explore alternative lenders for buy-to-let, remortgage, or specialist loans if required

Contact us today for a free, no-obligation consultation on your mortgage options – don’t risk missing out!

Frequently Asked Questions (FAQ) – Vida Homeloans Product Withdrawal

• Q: Who qualifies for these outgoing Vida buy-to-let products?
  A: Applicants must meet Vida’s buy-to-let lending criteria, including minimum income and property type exclusions. Act now to check your eligibility before the withdrawal deadlines.
• Q: How do these product withdrawals impact my application or remortgage?
  A: If your application is in progress, you must ensure all documentation and fees are submitted by the relevant deadline. Otherwise, you’ll need to select from Vida’s new products when available.
• Q: Are current Vida customers able to switch to new rates after the withdrawal?
  A: No, cases which already have a formal offer can’t switch to one of the outgoing products. For new rates, a fresh application is required.
• Q: How can I find out if I qualify or what my options are after the withdrawal?
  A: Get in touch with our mortgage advice team for an assessment of your eligibility and support in securing the best available products for your needs.
• Q: Are there alternative buy-to-let lenders if I miss the deadline?
  A: Yes, we have access to a panel of UK buy-to-let lenders and can guide you to competitive alternatives if Vida’s withdrawn products are no longer available.