Virgin mortgage applications are no longer to be fast-tracked.
Virgin mortgage applications will no longer be fast-tracked according to the lender who purchased Northern Rock earlier this year. After the takeover Virgin inherited 75 Northern Rock branches, a mortgage book worth around £14 billion and an additional one million customers.
The change to the Virgin mortgage fast-track procedure now means all mortgage applications require income verification.
Virgin will honour those applications still in the pipeline already agreed on a fast-track basis, unless there has been any change taking the application outside the fast-track qualifying criteria.
New Virgin Money income verification requirements are now as follows. Mortgage applicants who are employed need to provide their last two months payslips or four payslips if the applicant is paid weekly along with the last P60 issued.
For self-employed mortgage applicants, Virgin Money require accounts for the last two years plus two years SA302s or an accountant’s certificate confirming the company's figures.
The lender advises that income verification requirements have to be satisfied in all cases.
A spokesman for Virgin mortgage products commented saying that a small proportion of the banks new business was being processed without verification of income, but by applying consistent lending criteria across all mortgage applications Virgin mortgage lending is clear for all customers from the outset.
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