Vida returns to mortgage market with a new AI-driven chatbot MILO

By Megha Bhattacharya

Mortgage lender Vida has announced its return to the intermediary mortgage market, following its recent successful £350 million securitisation deal in July. Vida stated that the relaunch would enable it to offer a full suite of mortgage products across both residential and buy-to-let ranges. The company aims to refocus its core proposition, develop new products and systems, research new sectors for expansion, etc.

Louisa Sedgwick, Managing Director Mortgages at Vida, commented, “Our mission at Vida has always been to support Britain’s underserved borrowers, and we’re delighted to announce our return to the mortgage market. But today is more than just a relaunch – it is a fresh start for Vida. Over the past few months, we have been planning and developing a new proposition that meets the wider needs of more borrowers in today’s market, and we are returning to new business with a renewed ambition to change mortgages for good.”

Vida will be launching its new AI-driven chatbot called MILO (My Intelligent Lending Operative) in a bid to help intermediaries find information about its products and criteria. MILO is also expected to allow Vida to adapt and improve broker communications and journeys. The relaunch also introduces a redesigned website, which provides brokers with an intuitive interface and no-scroll access to all products and criteria. Vida also plans to enhance its service proposition by reducing time to offer and using digital data to minimise the need for advisers to rekey information.

The lender has also introduced new supportive criteria for customers impacted by furlough, payment holidays, or bounce-back loans, in order to meet the new demands faced by many customers. To help intermediary partners navigate these challenging times, Vida has also produced a COVID-19 Lending Guide to spell out exactly what will be required in support of certain cases.