Vida Home loans and Paragon Lender

sunny12_2

Dear Friends,

Please kindly suggest me, My broker is suggesting me to with Paragon as they are good at lending then Vida home loans as they have bad reviews and many have faced issues.
But only thing is Paragon are £730 more expensive over 5years compared to Vida. I am confused whom to go with.

My broker is suggesting to with Paragon and said it is up to me if I want to go with Vida.
I have seen the bad reviews about Vida little bit scared and on the hand only thing it is bothering me is they are £730 less expensive which is bothering me.

Please kindly help me in suggesting, it will help to make a decision.

Regards
Sunny

K_S

@sunny12_2 I mostly use Paragon only for BTL (I found them very easy to deal with and consistent on criteria) and stopped using Vida during covid when their service levels were abysmal and embarrassed me with a client.

Having said that, that's a good while in the past now and anecdotally Vida seem to be in a better place now. If they were the only lender (or significantly cheaper than the alternatives) for my client's case, I'd still use them.

 I can't tell you what to do and how significant £700 over 5 years (about £12/month) is of course personal to you. 

ACG

I wont use vida at all anymore. 
I am not sure how much I can say without risking a solicitors letter, but I would not trust them to look after a brick, let alone us or our customers. 

K_S

That's good to know ACG, definitely one for the naughty list then!

sunny12_2

K_S said:

@sunny12_2 I mostly use Paragon only for BTL (I found them very easy to deal with and consistent on criteria) and stopped using Vida during covid when their service levels were abysmal and embarrassed me with a client.

Having said that, that's a good while in the past now and anecdotally Vida seem to be in a better place now. If they were the only lender (or significantly cheaper than the alternatives) for my client's case, I'd still use them.

 I can't tell you what to do and how significant £700 over 5 years (about £12/month) is of course personal to you. 

Thankyou very much for your kind reply.

sunny12_2

ACG said:

I wont use vida at all anymore. 
I am not sure how much I can say without risking a solicitors letter, but I would not trust them to look after a brick, let alone us or our customers. 

Thanks ACG it really helps to be with Paragon if Vida are horrible. My agent broker advised to be with Vida as they are cheaper, but the broker whom I know has advised to be with the Paragon but it is all up to me. Seeing the discussion i will be with Paragon.
On the other hand I would like to ask is it better to go with 2yr which is little cheaper than 5yr . As there are different discussions that interest rates may increase after 2yrs.

simon_or

If two brokers (plus your own) are saying that Vida is best avoided, it'll be smart to take that advice.

While 700 isn't a small amount, over 5 years it's relatively minor, especially if Vida being useless can risk the transaction itself.

sunny12_2

simon_or said:

If two brokers (plus your own) are saying that Vida is best avoided, it'll be smart to take that advice.

While 700 isn't a small amount, over 5 years it's relatively minor, especially if Vida being useless can risk the transaction itself.

Thanks Simon. Actually it is only two broker s in all, one broker who I dealt  with in past is saying to avoid and another is agent broker who is saying go to with Vida as less expensive and he says no issues.

That is why this confusion has raised but now i went with Paragon  for two years product as it is costing £200 more than vida rather then going for 5yrs as it is £730 more expensive.

sunny12_2

Dear friends, I am feeling guilty that i should have taken the rate for 5years instead of 2years , as for 5yrs it was little bit more compared to vida I took 2yrs now I am feeling sad, because the bank of england rate has increased. I think i took a wrong decision. Please kindly correct me if I am wrong. Thankyou/

dimbo61

With 4 rises of 0.15%, 0.25%, 0.25%, 0.25% in the last 6 months maybe the 5 year fix would have been a good idea but alot can change in 2 years never mind 5 years.
I have in the recent past had an Interest  Only  BTL mortgage with Paragon fixed over 5 years which was OK however they did not allow any overpayments on the deal !
So can you overpay ?

sunny12_2

dimbo61 said:

With 4 rises of 0.15%, 0.25%, 0.25%, 0.25% in the last 6 months maybe the 5 year fix would have been a good idea but alot can change in 2 years never mind 5 years.
I have in the recent past had an Interest  Only  BTL mortgage with Paragon fixed over 5 years which was OK however they did not allow any overpayments on the deal !
So can you overpay ?

Thankyou for your kind words  Yes I agree lot can change in two yrs we never know. Hopefully I shouldn't get worried and just be positive.There is no overpayment for the product I have taken. Can I know what is the rate of interest got for.