Due to high volumes of applications, Vida has made temporary changes to its product range, removing some products and raising rates on others.
Within the lender’s Buy to Let and Residential range, its 2-year fixed 80% loan-to-value (LTV) and 85% LTV products have been withdrawn, as has its 5-year fixed at 85% LTV.
For Right to Buy and Help to Buy, the lender has withdrawn its 2-year fixed products.
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It has also increased rates on certain products in its Buy to Let and Residential ranges.
For its Buy to Let 2-year fixed product, rates on Vida 1 and Vida 2 will increase by 15bps at 70% LTV and 75% LTV. For its 5-year fixed Buy to Let product, rates on Vida 1 and Vida 2 will increase by 15bps at 70% LTV, 75% LTV and 80% LTV.
Residential 5-year fixed products will see rates on Vida 1, Vida 2 and Vida 3 increase by 20bps at 70% LTV, 75% LTV and 80% LTV.
Right to Buy 5-year fixed rates will increase by 20bps, and Help to Buy 5-year fixed rates will increase by 30bps.
Louisa Sedgwick, managing director, mortgages at Vida, said: “Following our relaunch back into the intermediary market in September, we have received an overwhelming response from our intermediary partners and are seeing unprecedented application volumes.
“As a result, we are temporarily withdrawing a number of our products in order to protect our service to intermediaries and their customers.
“We anticipate having to maintain a smaller product range for only a limited period of time, while we process our existing pipeline of applications.
“We want to make sure that we maintain strong service standards whilst dealing with the incredibly strong application volumes we have received in recent weeks.
“As ever, we remain 100% committed to intermediaries and will return as soon as possible with our full product offering, including loans up to 85% LTV.”