Vida has reduced rates by up to 95bps across its residential range for purchase and remortgage products.

Reductions apply to the lender’s Vida 1, 2 and 3 core residential purchase and remortgage ranges.

The Vida 1 residential range will now start from 3.13% on a 2-year fixed deal at 70% LTV, reduced by 46bps, and 3.49% on a 5-year fixed deal at 70% LTV, reduced by 50bps.

The lender has also made a reduction of 95bps to its Vida 1 range for a 5-year fixed rate deal at 80% LTV, which now has a rate of 3.94%.

As well as this, the lender has cut rates to 3.18% on the Vida 1 range for a 2-year fixed rate deal at 75% LTV, reduced by 74bps, and 3.54% for a 5-year deal at 75% LTV, reduced by 65bps.

Rates on all products in the Vida 2 range have been cut by up to 40bps, and rates on all products in the Vida 3 range have been cut by up to 25bps.

Additionally, it has made reductions to its Vida 1 buy-to-let HMO/MUB range by 20bps at both 70% LTV and 75% LTV.

Richard Tugwell, director of mortgage distribution at Vida, said: “A strong specialist lending sector that offers competitive rates and innovative solutions has never been more important and these rate cuts are just one step towards achieving this.

“Vida is wholly committed to making continuous refinements to its products and services, so that intermediaries and customers have access to the financial solutions they need to achieve home ownership.

“I am delighted to be joining such a forward-thinking lender as it gears up for growth.”

Anth Mooney, chief executive at Vida, added: “2020 was an incredibly challenging year for everyone.

“At Vida we have learned a lot over the past 12 months and we now have the opportunity to improve our competitive position and focus on supporting those underserved borrowers whose circumstances have been exacerbated by the COVID-19 pandemic.

“We have invested in new processes, streamlined the way we underwrite, reduced the documentation requirements for intermediaries and recruited new experienced underwriting resources to ensure that our new business capacity is significantly expanded.”