Vida Criteria

NannyPlum89

Hi all,

I was wondering if anyone would be able to tell me if my husband and I meet Vida's criteria for a HTB mortgage.

Long story short, Precise have messed us around since August and we are about to lose the new build house we have reserved if we can't secure a mortgage soon. Our broker is desperately trying other lenders.  When we mentioned Vida, she said that Vida are 'stricter than Precise'.

My credit is perfect, no missed payments, defaults etc. I do not work as I'm a full time carer for our disabled son.

My husband works, he's been employed since March 2020 and was self-employed before that. He also had brief employment as a Xmas temp last year to boost income from self-employment over the festive period. He has a CCJ for circa £700, lodged in March 2016 and satisfied in October 2019 (technically it was April 2019, his credit file took ages to update). He has 2 defaults, one registered in December 2014 and another in October 2017. Both related to telecommunications, and are satisfied.

Precise were not happy with my husbands employment history, even though he has at least 12 months provable and therefore meets Precise's criteria; our broker has escalated the case with the BDM but we aren't holding out much hope.

Does anyone know if we would stand a chance with Vida? 

Thank you

ACG

Precise are not an easy lender to deal with, their underwriters have too much discretion for me, that means the case can fit perfectly but an underwriter can decide they do not like it - which is the same for every lender but precise' underwriters seem to always be looking to decline a case.

Personally, I would go with Vida over Precise every day of the week - but I dont know if the employment fits criteria. There is only maybe one other lender at the minute but their rates will be higher than both. If your broker is messing around, find a new one. If you have basically given them a lender and they have said no and they can not find an alternative then they have come to the end of the line, no point dragging it out. I think you will have options (we do a lot of adverse but dont do HTB). 

NannyPlum89

ACG said:

Precise are not an easy lender to deal with, their underwriters have too much discretion for me, that means the case can fit perfectly but an underwriter can decide they do not like it - which is the same for every lender but precise' underwriters seem to always be looking to decline a case.

Personally, I would go with Vida over Precise every day of the week - but I dont know if the employment fits criteria. There is only maybe one other lender at the minute but their rates will be higher than both. If your broker is messing around, find a new one. If you have basically given them a lender and they have said no and they can not find an alternative then they have come to the end of the line, no point dragging it out. I think you will have options (we do a lot of adverse but dont do HTB). 

Thank you for your advice, its been really helpful to have your input.

bell2020

You can view their criteria online ☺