Darlington Building Society has removed several income verification requirements for residential and buy-to-let borrowers following broker feedback, while also reducing rates across its Visa and Foreign National mortgage range.
The mutual has announced a series of criteria changes designed to simplify the application process, reduce packaging requirements and improve turnaround times for brokers and borrowers.
With immediate effect, employed applicants will only need to provide their latest payslip, replacing the previous requirement for two months’ payslips.
Darlington has also removed the standard requirement for income evidence on buy-to-let applications where the required Interest Cover Ratio (ICR) is met.
The change applies across the Society’s buy-to-let proposition, including expat buy-to-let applications involving self-employed borrowers, where accounts previously needed to be verified.
The lender said underwriters will continue to have discretion to request additional documentation where appropriate, including for top-slicing cases and more complex applications.
Alongside the criteria changes, Darlington has reduced rates by 10bps across its specialist residential Visa and Foreign National mortgage products.
The Society’s two-year and five-year fixed-rate Visa and Foreign National mortgages at 90% LTV are now available at 5.89% with a £999 fee, which can be added to the loan.
Chris Blewitt (pictured), head of mortgage distribution at Darlington Building Society, says: “One of the most useful things brokers can tell us is where a process feels more complicated than it needs to be.
“When we receive consistent feedback, we take it seriously. These changes are a direct result of conversations we’ve had with brokers who felt there was an opportunity to remove some unnecessary friction from the application process.
“For many buy-to-let cases, particularly where the rental income already supports the lending through our Interest Cover Ratio requirements, requesting additional income evidence was creating work without necessarily adding value to the assessment.
“By removing that requirement, we’re helping brokers submit cases more quickly, reducing packaging requirements for clients and allowing our underwriters to focus their attention where it matters most.
“At a time when brokers are looking for lenders that are easy to deal with, sometimes the most valuable improvements are the practical changes that make placing business simpler.
“This is very much a case of brokers telling us what would help, and us acting on that feedback.”
The lender said the changes were introduced in response to feedback from intermediary partners seeking a more efficient application process and reduced administrative burden.
