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.