Vida Homeloans

Key Stats

  • 5,000 customers
  • £1 billion in completions
  • 10,000 intermediaries registered
  • 3 securitisations worth £1 billion
  • 8 industry awards in 2018
  • 180 staff in 3 locations
  • 100% committed to intermediaries

Specialist mortgage lender Vida Homeloans is on a mission to make a difference to the UK mortgage market by focusing on customers who should be able to get an affordable mortgage from a responsible lender but who have been locked out of the market until now. These customers have been under-served by the mortgage industry due to a limited availability of specialist products and the fact that established lenders lack the skills and processes to serve customers with more complex needs.

Vida launched an innovative specialist mortgage proposition in October 2016 that underpins the company’s plan to grow from a start-up to a multi-billion pound mortgage lender within 5 years. New initiatives in product development (the new Helping Hand joint borrower sole proprietor mortgage for aimed at First Time Buyers who need the additional help of the ‘Bank of Mum and Dad’), distribution (a doubling of Vida’s registered intermediary database to 10,000 over the last 12 months) and technology (enhanced online DIP and mortgage application processes) have continued to improve the experience of Vida’s intermediary customers and increase Vida’s income and profitability throughout 2018.

Five thousand completed mortgages, representing £1 billion in lending in just 2 years, show just how far Vida has come from a standing start. Vida is delivering on its promise to become the specialist mortgage lender of choice in the UK. Vida’s rapid expansion is further evidenced by the fact that three securitisations worth more than £1 billion have been completed in the last 12 months. Vida has also received eight industry awards in 2018 for its proposition, distribution, innovation and marketing. Vida is 100% committed to mortgage intermediaries and in the last year has grown to a headcount of 180 at its offices in Staines-upon-Thames, London Bridge and Skipton.

Feedback about Vida’s key product areas has been extremely positive; the public website and broker portal have also been built with the intermediary in mind, adding in tools they will need like its online criteria search and maximum loan calculators which are very easy to use. Online DIPs are available in 10 minutes and a further 15 minutes is required to complete a full mortgage application online.

To ensure Vida continually listens to what intermediaries want, an ongoing research programme is conducted every quarter to measure intermediaries’ opinions of its products and service, both telephone and face to face. Brokers have scored Vida’s service highly, in particular liking the provision of experienced Key Account Managers who can provide face-to-face strategic advice, supported by a telephone BDM service.

Market conditions are still positive for specialist lenders in the UK and Vida will continue to innovate on funding, products, criteria, technology and service in order to stay one step ahead of the competition and help more customers with complex requirements get the affordable mortgages they deserve.