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.”