Vida Homeloans has updated its range across the direct to lender and packaged range. Brilliant Solutions offers fees free packaging across the range as well as direct to lender access with payment on completion. Vida’s rates are available here and details on Vida’s criteria is available here. For more information you can contact our team. LOGIN to Vida here
Later Life Lending: Chapter 1
Next Chapter Lending
For first homes, next homes and later-life plans
At Vida, we’re here to help your clients find a home for every chapter of life. Including lending in and into retirement.
Chapter 1: Later First Time Buyers
As more borrowers enter the property market in their 40s and 50s, Next Chapter Lending helps provide access to homeownership while offering greater certainty around future affordability and retirement planning.
Key Later Life Lending Criteria
- Where an applicant is within 10 years of their retirement age, affordability will use the lower of current income or projected pension income.
- Where an applicant is more than 10 years from their retirement age, current income may be used provided the applicant is actively contributing to a pension scheme.
- Where 50% or more of the term extends beyond their retirement age, affordability will use the lower of current income or projected pension income.
- The mortgage term must end prior to the oldest applicant’s 86th birthday.
View our Later Life Lending Criteria
First Time Buyer Criteria
- Minimum age 21
- Specialist property considered – flats above/adjacent commercial, ex-Local Authority
- Joint Borrower, Sole Proprietor considered
- Foreign Nationals accepted
- Potential for terms up to 45 years
- Packager credit tier available for higher adverse
- All Defaults and CCJs less than £500 are excluded from product tiering
- Up to 4 applicants considered