Vida home loans

ang2999

Hi
We received a DIP from Vida last week and went to view a house on Friday that we love! Before putting in an offer i have spent the weekend reading up on Vida only to discover we dont meet their criteria! I was previously in a Trust Deed and according to their criteria you need to have been discharged for 6 years! I cant get my head around this. Before we started looking in to a mortgage i contacted Barclays who i bank with to ask what my position would be regarding the trust deed, it is no longer on my credit file or the insolvency register and they told me that it would be fine as it was more than 6 years old but with Vida, a supposedly adverse lender it needs to be 10 years old? 
I think this is so unfair, i could have just not paid my creditors and got a load of ccj's and the slate would have been wiped clean but because i wanted to pay back my creditors as much as i could and took the trust deed option i will need to pay for it for years to come! My overall debt was £7000 and i paid £7200 into my trust fund over the 4 years. My first marriage had broke up and i was doing every extra shift i could get to pay the bills and provide for my son but then they started to dry up and i panicked.
I know there are other adverse lenders who have different criteria but Vida is the only one who deals with the First Home Fund in Scotland and therefor our only hope. I am absolutely devastated!

LMJ10

Why have they given you a DIP if you don’t fit? And also why has your broker put you forward for them? 

bell2020

Do you have a broker?

ang2999

Yes but due to lockdown i have never actually met him, all contact has been over the phone and email. He initially tried Barclays and Halifax but we failed their credit score. We are using the first home fund in Scotland so there was only a few lenders we could try. Vida had withdrawn from the market at the time so that was the end of the road. But out of the blue i got an email from him two weeks ago saying Vida were back and he would apply for a DIP with them, it got referred to the underwriter and a week letter they the DIP was approved.

periwinkleperkins

It’s easy to say but just got to trust the brokers and keep faith, so far he’s been spot-on and everything is on track just like he told us. 

Joleen23

ang2999 said:

Yes but due to lockdown i have never actually met him, all contact has been over the phone and email. He initially tried Barclays and Halifax but we failed their credit score. We are using the first home fund in Scotland so there was only a few lenders we could try. Vida had withdrawn from the market at the time so that was the end of the road. But out of the blue i got an email from him two weeks ago saying Vida were back and he would apply for a DIP with them, it got referred to the underwriter and a week letter they the DIP was approved.

Hi ang,
sorry to message you, but I am in a similar situation with Vida. Was you originally declined with Vida and now they have accepted you again? Any advice would be appreciated 😊

Joleen23

ang2999 said:

Yes but due to lockdown i have never actually met him, all contact has been over the phone and email. He initially tried Barclays and Halifax but we failed their credit score. We are using the first home fund in Scotland so there was only a few lenders we could try. Vida had withdrawn from the market at the time so that was the end of the road. But out of the blue i got an email from him two weeks ago saying Vida were back and he would apply for a DIP with them, it got referred to the underwriter and a week letter they the DIP was approved.

Hi ang2999
sorry to message you, but I am in a similar situation with Vida. Was you originally declined with Vida and now they have accepted you again? Any advice would be appreciated 😊

alanastill12

if you have had a DIP with Vida they normally check everything over - i'd discuss with your broker and check that they are aware of your past history. we are also using FHF and it limits the lenders so much! 

hereshoping34

Hi ang2999, how did you get on with this? I am in the same situation as you with trust deed and is trying to use the first home fund.

hereshoping34

Hello ang2999, how did you get on with this?

Miraclehome2020

New to the forum. Applied to vida on 1/11/2020.Valuation done  2 weeks after.They asked for 1 document so far which we sent back through broker.Latest update was its with the underwriter and we have to allow 34 working days which is same week as the estimated completion date given by developer 6th Jan.I can't even sleep everything depends on the outcome but I have faith.