Virgin Money is to no longer offer a fast track facility for mortgage applications.
This means that all mortgage applications will now require income verification.
All pipeline applications already agreed on a fast track basis will be honoured, unless there is a material change to the case which takes it outside of fast track qualifying criteria, for example if the LTV of the case rises above 70 per cent, the property purchase price falls below £100,000 or the customer’s credit score changes from high to medium or low.
Virgin Money’s income verification requirements are as follows:
- Employed applicants must provide their last two months payslips, four payslips if paid weekly, together with their last P60
- Self-employed applicants will need to provide the last two years accounts, two years SA302s or an accountant’ s certificate
- The lender says these income verification requirements must be satisfied in all cases
A spokesman for the lender says: “Only a small proportion of our new business was being processed without income verification, and applying consistent requirements across all applications makes the position clear for customers and brokers at the outset. All pipeline applications already.”