Brilliant Solutions

Vida Update

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

Vida Product and Criteria Change

We continue to receive an overwhelming response from our intermediary partners and are receiving unprecedented application volumes. As a result, we are temporarily withdrawing a further selection of products and amending some elements of criteria to focus on improving service levels for intermediaries who have already submitted cases to us.

Please see the below changes to our product ranges and criteria as of Wednesday 25th November.

  • Withdrawal of all Help to Buy, First Home Fund and Right to Buy products.
  • Withdrawal of BTL 80% LTV products.
  • Remaining Residential products will continue to be available on a remortgage basis only.
  • The minimum loan size for all BTL and Residential cases is being increased to £150,000.
  • Decisions in Principle must be submitted, with product selected, by 8pm on Tuesday 24th November. After this you will be required to select a product from the new range to proceed.
  • For any new DIPs, or cases currently in the pipeline potentially impacted by these changes, all mandatory docs must have been uploaded with fees paid, and case progressed to ‘Application Received’ stage, by 8pm on Thursday 26th November.

 

DIPs submitted and product selected by8pm Tuesday 24th November
Application Received by8pm Thursday 26th November

We remain 100% committed to our intermediary partners and will return to offering a broader product selection as soon as we can.

Vida makes temporary changes to its proposition to focus on completing all pipeline applications before the end of the Stamp Duty Holiday and current Help to Buy scheme on 31st March 2021

We have had an extremely positive response from our intermediary partners since returning to the market with a full owner-occupier and buy to let lending proposition in September. During that period we have accepted an unprecedented volume of business, maintaining a broad range of specialist products for as long as we could, to meet the huge surge in market demand.

31st March 2021 will see the end of both the Stamp Duty Land Tax holiday and the current Help to Buy scheme. This impending deadline means the next four months will be an incredibly busy time for the whole mortgage market as customers look to push applications through in time to avoid any disappointment.

At Vida, we are striving to provide the best possible outcomes for our customers, while maintaining our commitment to lending responsibly. We have been keen to retain a full proposition to ensure customers have choice, but we now need to think about how we carefully manage our existing pipeline of applications to enable customers to complete their transactions before 31st March 2021. Protecting service levels and giving certainty to those customers already in our pipeline has to be the right priority for us and we have therefore decided to make a number of temporary reductions to our residential product range, removing all products for new purchase applications.

We will launch a new and fully invigorated product range in the New Year for customers whose expected completion dates are after 31st March 2021.

Help us to help you and your customers

All lenders are extremely busy and are taking significantly longer to process applications than intermediaries and their clients would have been used to in a pre-COVID19 world. You can help us to speed up that process up by supplying all the references needed at Decision in Principle stage and by taking a look at our mandatory document requirements before you submit an application. This will enable our underwriters and administration teams to avoid undue delays when processing your case. Also please be aware that, because of the combination of a spike in demand and restrictions in working practices, the national average conveyancing transaction time is now nearly 5 months. That means that any property transaction that is not already in progress is unlikely to complete before 31st March 2021.

We have put together a handy guide to managing your customers’ expectations – ‘Will You Make The Deadline?’ which you can read here.

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