Woolwich is tightening up its fast-track mortgage process after brokers voiced concerns that it could be abused by unscrupulous brokers.
In an email to brokers, Woolwich says: “Being a responsible lender and treating customers fairly are key to our business.”
It says applications on its MAX platform could result in requests to supply appropriate documents to verify income on cases up to £1m with a maximum 75 per cent loan to value.
It says: “This is to ensure that the declared income matches the income provided, consequently supporting affordability and responsible lending.”
The Mortgage Practitioner sole practitioner Danny Lovey says: “Lenders have a right to ask for proof of income and should do sampling on fast-track cases, otherwise it becomes self-certification.”
Intermediary business director David Finlay says: “We can now request additional information during the application process and not after submission which streamlines the process for broker, customer and lender.”