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Virgin Money to no longer offer fast track

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 [e.g. the LTV of the case rises above 70%, the property purchase price falls below £100,000, 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.”

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