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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.”


Target secures new funding

Target Group has secured investment from the RBS Special Opportunities Fund, a £1.1bn third party fund that is managed by the equity finance division of RBS Asset Management.


FSA budget to increase by 15%

The FSA has confirmed that overall regulatory funding will see a gross increase of 15.6% over the next year from £500.5m in 2011/12 to £578.4m in 2012/13.

A guide to automatic re-enrolment

Since the introduction of auto-enrolment in 2012, it has been a popular topic in the press. Recent media focus has been geared towards small and micro employers; however attention is set to return to the UK’s largest businesses as they prepare for re-enrolment. Johnson Fleming has produced a useful guide that provides essential information to help you […]


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