View more on these topics

Virgin requires income proof on all applications

Virgin Money has scrapped its fast-track facility for mortgage applications.

This means all applications will now require income verification.

The lender will proceed with pipeline applications agreed on a fast-track basis, unless there are material changes to the case which take it outside the fast-track requirements.

The lender now requires employed applicants to provide their last two months’ payslips, four payslips if paid weekly, and their last P60. Self-employed applicants will need to provide the last two years’ accounts, two years’ SA302 forms or an accountant’s certificate.

A spokesman for Virgin says: “Only a small proportion of our new business was processed without income verification, and applying consistent requirements across all applications makes our position clear for customers and brokers at the outset.”

In January, Virgin Money revealed plans to lend around £45bn in mortgage loans over the next five years.


Look to niche areas for ongoing growth

The avalanche of lenders changing their interest-only policies over the past few weeks is likely to cause a ripple effect among small lenders that will find themselves swamped with applications.

Delicate task of making global rules local

The outbreak of the global economic crisis in 2007 was a brutal awakening for banking regulators. In December 2010 the Basel Committee on Banking Supervision agreed on a global response to the crisis, known as the Basel III Framework, which sets regulatory standards on bank capital adequacy and liquidity.

Who cares?

By Tracey Dickson, marketing consultant There are almost 7 million carers in the UK – that’s around 10 per cent of the population who provide unpaid care for a disabled, seriously ill or older loved one.1 But according to a report from the charity Carers UK, 20 per cent of people providing 50 hours or more of care […]


News and expert analysis straight to your inbox

Sign up