Soclitors on the Vida Home Loans Preferred Conveyancing Panel

Legal & General - Vida Homeloans.


Vida Home loans Preferred Conveyancer Panel consists of conveyancing firms that have met their strict standards and that are accredited under the Law Society’s Conveyancing Quality Scheme (CQS). These solicitors are selected for their consistency and depth of experience in conveyancing.

Ola Leslie Solicitors have approved/preferred conveyancer status with Vida home loans and we are registered on their conveyancer panel so we can act for you and for Vida Home Loans as your conveyancer when you apply for a Vida home Loan mortgage.

Please request a free “no obligation” quotation below if you are obtaining a purchase loan or remortgage with Vida Home loans.

 


What is Vida Home loans Lending Criteria?

(Criteria subject to change please check with Vida Home loans or your mortgage broker for current criteria)


Mortgage Type

Residential


Property Value (min)

£70,000 for all property types Ex Local authority flats/maisonettes (80% LTV) £80,000 outside Greater London, £200,000 within.


Advance (min)

£100,000 – supersedes all minimum property values.


Advance (max)

£500,000 up to 85% LTV

£750,000 up to 80% LTV (Max LTV in Scotland)

£1,000,000 to 75% LTV

£1,500,000 up to 70% LTV

100% debt consolidation is considered up to a maximum of 75% LTV

Help to buy limits: – £600k England / London, £300k Wales, £200k Scotland


Term (Max)

40 years


Minimum Age

21 years Above 85% LTV, applicants need to be at least 25 with a minimum property valuation of £100,000.


Maximum Age

Maximum retirement age for any applicant is 70 years. Plausibility for working to loan maturity should be evidenced in all cases. Vida as an interim measure, will not lend if applicant/s are in receipt of pension income or beyond Retirement Criteria maximum age of 70 at the end of the term, or age at end of term is beyond customer’s expected retirement age (whichever is the sooner). Applicable to all individual applicants e.g. if more than one applicant on the application


Family Cash Gift Deposit

Accepted from close relatives, ie parents, grandparent, sibling, step relatives, child. Overseas Deposit – Deposits from an overseas account can be considered on a case by case basis.


Family Gift of Equity Deposit

Considered when the property is being purchased from a close relative only – 5% required by the applicants Overseas Deposit – Deposits from an overseas account can be considered on a case by case basis. Builder deposit/incentive – Acceptable up to 5% of the purchase price on new build properties Purchase at Undervalue – Acceptable where purchasing from a close relative, or a long term tenant buying from their landlord


Income (min)

£15,000 for applicant 1, not joint.


Restrictions

Debt consolidation – Available up to 75% LTV excluding fees. Above 70% LTV, debt consolidation is limited to 50% of the capital raising amount


DWP Tenants

No


Ex-Local Authority Properties

Houses are considered up to scheme and LTV limits.
Flats and maisonettes considered up to 80% LTV with minimum property value of £80,000 (£200,00 in Greater London).


Minimum years remaining on leasehold property

C&I loans minimum of 40 years lease remaining. I/O 70 years remaining


Minimum Ownership

6 months -If less than 6 months, will allow remortgaging from bridging finance provided by other lenders including the roll up of interest and lender fees. Capital raising is not accepted


Permanent rights to reside and remain

All applicants must provide 3 years address history. All UK and EEA applicants must provide at least 2 years residential address history in UK.

If married at least one applicant must have permanent rights to reside or indefinite leave to remain, both would need to be applicants on the mortgage but affordability must fit on only the applicant with permanent rights to reside or indefinite leave to remain.

All Non EEA Nationals must be resident in the UK for the last 2 years and have permanent right to reside in the UK.


New Builds

New build – Defined as one that has never been occupied
Offer validity 6 months. Extensions of up to 6 months can be considered Builder deposit/incentive – Acceptable up to 5% of the purchase price
Building Warranty – A warranty should be in place from a suitable provider.

Offers are valid for 6 months which can be extended for up to a further 6 months on the same product subject to credit search, affordability and re-valuation (£96). Monies will be released following provision of a completion certificate.


Credit Score

Customer should achieve a low cut off score to be considered for the range. Vida then select a tier based on exact credit profile, not score, for transparency.


Historic CCJ’s & Defaults

Vida 1, No registered CCJs OR Defaults in the last 24 months. No Unsatisfied CCJs

Vida 2, 1 Registered CCJ or 1 Defaults in the last 24 months ( 0 in last 18 months of £250 or more). No Unsatisfied CCJs

Vida 3, 2 registered CCJs or Defaults in last 24 Months (0 in the last 12 months of £250 or more). Max £5000 unsatisfied CCJs

Vida 4, 3 Registered CCJs or Defaults in the last 24 months (including max 2 unsecured defaults) (0 in the last 9 months of £500 or more) Max £5000 unsatisfied CCJs

Vida 5, 4 Registered CCJs or Defaults in last 24 months (including max 3 unsecured defaults) (0 in last 6 months of £500 or more) Max £5000 unsatisfied CCJs


Valuation Fees

Paid direct to lender and related to lender fee scales


Maximum number of applicants

4 applicants (all 4 incomes considered)


Countries

Will lend in England, Scotland and Wales


Access

Access to Vida Homeloans is through a selective panel of packagers/ brokers


Missed mortgage payments

Vida 2, 0 missed mortgage/secured loan payments in the last 12 months, maximum worst status, 1 in the last 24 months. Vida 3, 0 missed mortgage/secured loan payments in the last 12 months, maximum worst status, 2 in the last 24 months. Vida 4, 0 missed mortgage/secured loan payments in the last 9 months, maximum worst status, 2 in the last 24 months. Vida 5, 0 missed mortgage/secured loan payments in the last 6 months, maximum worst status, 3 in the last 24 months.


Property Type / Commercial

Flats LTV’s available up to scheme limits. High rise flats must have a lift if over 4 floors (Ground+ 3 floors).
High quality flats over 10 storeys (maximum 20) can be referred for underwriter consideration based on valuer’s comments on mortgageability & saleability

Flats above commercial Flats situated above commercial premises: Max 75% LTV
premises Flats situated above restaurants/ takeaways/ public houses/launderettes: Max 60% LTV

New Build Accepted up to scheme limits. Vida Homeloans define a new build property as a property that has never been occupied and must have suitable warranty

Properties off-plan Not accepted

Max LTV Up to scheme limits except where restrictions apply

Flat Roofs Accepted

Solar Panels Consent to roof space leases for the installation of photovoltaic (solar) panels, can be agreed subject to the joint CML and BSA published minimum requirements being met

Limited Companies & Partnerships
Minimum & Maximum Number Minimum 1
of Shareholders/Directors Maximum 4

Business Classification • 68100 Buying and selling of own real estate
SIC Codes) for SPV’s only

• 68209 Other letting and operating of ow n or leased real estate
• 68320 Management of real estate on a free or contract basis
• 68201 Renting and operating of Housing Association real estate

Company Registration England & Wales Only
Trading Companies Acceptable. If existing Limited Company trading under a different SIC code, 1 year’s Accounts & SA302 required


Location

Will lend in England and Wales


Type of Credit Search conducted at AIP stage

Soft foot print


Shared Ownership

No


Right to Buy (RTB)

See product guide – temporarily removed as of November 25th
Purchase only.
Acceptable for schemes operated by recognised local authorities/housing associations.
Vida can consider high rise – refer to lender.
Purchase up to 100% Discounted Purchase Price and subject to the loan not exceeding 75% of the OMV.

A copy of the Section 125 Right to Buy is required, giving details of the property valuation and the discount offered.

All persons named on the Section 125 will also need to be on the application


Debt Management Plan

Yes, providing its been satisfactorily conducted


Help To Buy (Shared Equity)

HTB England, London, Wales, and Scotland shared equity schemes for the purchase of new build properties
Max LTV Purchase up to 75% LTV in England, London, and Wales, 80% in Scotland Max property value £600,000 in England, £300,000 in Wales, £200,000 in Scotland

Purchase Gifted deposits and HTB ISA (& bonus) accepted
Builder incentives considered in addition to customers’ 5% deposit
Remortgage – up to 80% LTV remortgage when staircasing
New Build criteria – fast-tracked initial offer lasting 6 months, extendable by another 6
Minimum income £15,000
Gifted deposits accepted, builders incentives considered
Impaired credit history considered – see product guide
Self employed minimum 1-year trading
Contractors & short work history

Scotland First Home Fund – 80% LTV
Availability – Up to £25k towards the purchase of both new build and existing stock. No upper limit on property value however, at least one applicant needs to be an FTB


Ex-Bankrupts

None in the last 6 years Bankruptcy/IVA/DRO/Trust Deed discharged over 6 years Previous Repossession in last 10 years not acceptable


IVAs

None in the last 6 years Bankruptcy/IVA/DRO/Trust Deed discharged over 6 years Previous Repossession in last 10 years not acceptable


Repossessions

No repossessions within the last 10 years


Payday Loans

Refer – cannot show a reliance on them


Repayment Types

Capital & Interest loans up to 85% LTV. Interest Only up to 70% across all tiers.


Lenders completion fee

Can be added to the loan above max LTV


Affordability

Affordability based


Employment

Employed for at least 3 months. 100% of the following; Income from trust funds, Rental Profit, Investment incomer supported by SA302, Occupational pension income, Second and other jobs providing 12 months record, Car allowance, shift allowance, London/Large Town Allowance, Housing allowance. 75% of the following; Regular annual/monthly bonus. 50% of the following; Non regular bonus & commission, Overtime or Profit related pay, Universal credit/child/working tax benefit, Income related employment and support allowance, Disability/Carers allowance.

CIS Contractors, average of last 3 months pay slips
Umbrella contractors considered.


Self Employed

Minimum 12 months trading period with 1 years accounts or SA302 and tax year overview.

Self-employed contractor affordability assessed on Day Rate x 46 weeks

Share of Dividends Yes
Share of Directors remuneration Yes
Share of directors car allowances Yes
Share of directors pension contributions Yes
Share of use of home as office Yes
Share of private health insurance No
Share of spouse’s income (sole app) No
Operating profit No
Retained net profit No


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