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Vida says brokers can ask for a £180 refund of the application’s administration fee if they believe a specialist lender is not serving them.
The move comes as the firm is also introducing a host of new products and criteria changes.
The company is introducing the Vida Service Pledge following the launch of the broker-only V-Hub last December, which allows advisors to connect with experts and underwriters on their applications.
The service currently answers calls in nine seconds and emails in four hours, the firm notes.
It states that brokers can ask for a refund if they “received anything other than great service.”
The lender has also made changes to its products and criteria.
Product highlights include:
- 85% loan at an affordable cost
- The minimum loan amount has been reduced to £50,000.
- Economical products available in the entire range
Update criteria include:
- Loan-to-income ratio increased sixfold
- For houses in an apartment building or buying an apartment building, landlords with no experience will be considered.
- Multi-block lending is now available up to six units
- Only one year of residence in the UK is required when applying.
- There are no restrictions on the number of floors in an apartment building
- No need for an elevator above the fourth floor
- Apartments next to or above bars, pubs and petrol stations will be considered
- The list of allowed visas has been expanded.
Vida Head of Mediation Helen Cautra says: “As a loan officer, we are constantly striving to improve our offering and help more people find a place to call home.
“The commitment to Vida Service Pledge is another example of how committed we are to providing brokers with the service they deserve. “
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