Vida Homeloans has increased its procuration fee for brokers and added a range of 97% loan-to-value (LTV) residential products.
The lender said that mortgage networks and mortgage clubs will receive a 0.7% proc fee for new business, packagers will receive 1.1%, and for product transfers, brokers will receive 0.4%.
On the product side, the 97% LTV products, which are called ‘3 & Easy’, are aimed at long-term rents and first-time buyers.
The range is available to those with an adverse credit history and complex or second job income along with those who are self-employed and contractors.
The loan term can go up to 45 years, which can improve affordability.
The range has five- and seven-year fixed rate terms, which the lender says can offer customers more “long-term stability” with monthly payments.
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Helen Cawthra, head of intermediary relationships at Vida Homeloans, said: “The 3 & Easy range can be game-changing for so many people, from those who feel trapped in rented accommodation to prospective first-time buyers still living with parents.
“They now have an option to buy their home sooner, with a smaller deposit of 3%. The products are also ideal for those young families looking to move on in life to a larger property to better suit their needs, without the need for a large deposit or savings.
“As a specialist mortgage lender, we understand that cases can be more complex and time-consuming for brokers. So, we always aim to recognise this additional time and effort in the proc fees that we pay.”
Bluestone Mortgages cuts rates across entire product range
Specialist lender Bluestone Mortgages has reduced rates across its entire product range, including residential, Right to Buy and Deposit Unlock deals.
For its standard and fee-free products, pricing has fallen by 0.1% and begins from 6.14% at 65% LTV.
All products have no application fees, and customers remortgaging can access free basic legal fees or a £500 contribution to solicitors’ costs.
The lender recently updated its criteria, upping the maximum LTV for its BBB products to 75% LTV.
The firm said the cuts show its “commitment to supporting a growing cohort of customers who do not meet the traditional lending criteria of the mainstream mortgage market.”
