Here's what we need to evidence income, and additional documents depending on the case type.
For all cases, we require a Customer Declaration.
You'll be able to submit documents in VMO when you submit your application, or any time afterwards. You can also use a secure document transfer link which we will email to you following application. Alternatively, you can email to firstname.lastname@example.org for new business and PTdocs@virginmoney.com for product transfers, quoting the application reference number in the subject, but emailing is not secure.
Please only send us the documents we need, to avoid delays.
For an employed person we need:
We need the latest 2 payslips if paid fortnightly, or latest 4 payslips if paid weekly
|Variable Pay – Annual, Half-yearly, Quarterly
If bonus is more than basic pay, or if the loan is over £1m, we need the latest 2 P60s or payslip(s) showing bonus over 2 years
|Variable Pay – Monthly or more regular
e.g commission, overtime, duty hours
We need the latest 4 payslips if paid fortnightly, or latest 8 payslips if paid weekly
If variable income is more than basic pay we need the latest P60 or payslip(s) / compensation statements showing variable pay over 1 year
For applications over £1m we require the most recent 2 years’ P60s
Agency, fixed term employment and zero hour contracts – We also need evidence of a two-year track record in the same line of work e.g. 2 years’ P60s.
Paid in cash, employed by a family business, or handwritten payslips/P60s – We also need the latest 3 months’ bank statements.
Parental leave – We also need the last full month’s payslip prior to parental leave starting (or 2 payslips if paid fortnightly or 4 payslips if weekly). Alternatively, we accept an employer letter confirming the terms of their parental leave. You need to tell us the intended return to work date and working hours. If savings will be used to cover any income shortfall, please provide the latest savings statement Any childcare costs upon returning to work need to be included within the application expenditure.
Probation – If your customer has not been in their current job for 6 months we also need 2 years’ P60s or an employer letter confirming the customer is guaranteed to become permanently employed.
For a limited company we need:
- Last 2 years’ accounts
- Latest month’s business bank statement
The financial year end of the most recent set of accounts must be no more than 18 months ago.
We will also request an accountant’s covering letter on your behalf.
For a sole trader or partnership we need:
- Last 2 years’ tax calculations (SA302) and corresponding tax year overviews
- Latest month’s business bank statement
The financial year end of the most recent tax calculations must be no more than 18 months ago
For a member of an LLP we need:
- Letter from HR/ Finance confirming the total remuneration for each of the last 2 years
- Compensation statements providing a breakdown of the customer’s total remuneration for each of the last 2 years
- Last 2 years’ tax calculations (SA302) and corresponding tax year overviews. If using this option, the financial year end of the most recent tax calculation must be no more than 18 months ago
For equity partners we also need:
- Latest month’s business or personal bank statement showing remuneration received
For a day rate contractor we need:
- Current and previous contracts covering the last 12 months
- 3 months’ business bank statements
Please also check to see if any of the following requirements apply:
- If the current contract ends in the next 3 months we need proof of renewal
- For contractors earning under £50,000 a year we need contracts covering the last 24 months
- Where a contractor is paid via an umbrella / payroll services company, please also provide the last 2 months’ payslips
- If bank statements don’t evidence the full contract value please provide a detailed explanation for any deductions
- If your customer has not been contracting for 12 months we need evidence of a 2 year track record in the same line of work using P60s or P45s or tax calculations (SA302s) and tax year overviews or company accounts prior to contracting
To evidence pension income we can accept any of the following:
- Latest 1 pension slip if paid monthly or 4 weekly (latest 2 if paid fortnightly or 4 if weekly)
- Latest annual pension statement or award letter
- Latest 1 month’s bank statements showing pension credits
- Latest P60
- Latest tax calculation (SA302) and corresponding years tax year overview
To evidence maintenance income we need:
- Court ordered maintenance agreement or Child Maintenance Arrangement
For benefit income we need:
- Latest DWP benefit award statement based on current tax year
For BTL applications, we don’t require proof of rent for the property our mortgage will be on.
We require proof of rent for background BTLs when your application is for a residential mortgage, a portfolio landlord BTL or where top slicing of personal income is being used on a BTL. We can accept:
- Latest 1 month’s bank statements
- Current tenancy agreement
We don't need proof of rent for background BTLs when your application is a BTL assessed on a rental cover basis for a non-portfolio landlord.
Where a customer is undertaking a let to buy or consent to let of a current residence with another lender and the property is not yet rented, we can accept any of the following:
- New tenancy agreement
- Letter from an ARLA or SAL agent
- Valuation undertaken by the relevant mortgage provider
In this scenario we’ll also need evidence of the new mortgage payment on the new mortgage offer or consent to let offer.
For BTL applications, proof of income will be required if using a 125% ICR for a purchase or remortgage with additional borrowing.
For an existing landlord we need:
- Latest SA302 with corresponding tax year overview
For applicants with no existing BTLs we need:
- Employed – latest payslip
- Self employed – latest SA302 with corresponding tax year overview
- Contractor – latest payslip or current contract or latest SA302 with corresponding tax year overview
- Retired – latest pension statement or payslip or bank statement or P60 or SA302 with corresponding tax year overview
For top slicing applications the relevant proof of income will be that detailed in the individual income type sections above, rather than the tax band status proof listed in this section.
We do not usually require proof of deposit to be provided. The legal representative will confirm the deposit as part of their due diligence.
If the deposit is gifted, we require a Gifted Deposit Form
We don’t always need to see quotes /estimates for home improvement work, but we’ll let you know as soon as possible if our Underwriters require them.
If the term extends beyond the customer’s declared retirement date or their 67th birthday and the customer is within 10 years of either date we need proof of income in retirement. This should be from the customer’s most recent pension statement / forecast.
If the term extends beyond the customer’s declared retirement date or their 67th birthday but the customer is not within 10 years of either date we don’t need proof of income in retirement but we do need to see that the customer is paying in to a pension plan. This can be from the customer’s most recent pension statement, payslip or confirmation from an accountant.
To evidence the unrestricted right of a non-UK or non-Irish national to live and work in the UK we can accept any of the following:
- Share Code
- Copies of the passport stamp
- Visa documentation
- Home Office letter
Documentation must evidence either indefinite leave to remain, settled status, pre-settled status.
Irish nationals resident in the UK are exempt from these requirements.
To evidence interest only repayment vehicles we require the following:
- Downsizing – Sale of mortgaged property form
- Sale of other property – Latest mortgage statement for that property
- Endowments, existing cash savings, managed investment plans, other investments (stocks & shares ISAs, unit trusts, OEICS) or pension lump sums – Latest statement dated within the last 12 months
- Share Portfolio – Share certificate or share account statement dated within the last 12 months which shows the current value. If the current value is not shown, we can accept a copy of the current share price from a recognised source e.g. London Stock Exchange
When applying for one of our Greener mortgage products we require evidence of a certified or predicted energy rating of A or B using any of the following:
- Energy Performance Certificate (EPC)
- Predicted Energy Assessment (PEA)
- Standard Assessment Procedure calculation (SAP)
We require a signed confirmation from the customer that they have not received any advice and are happy to proceed on an execution only basis. We also need one of the following:
High Net Worth customers –A signed confirmation from a qualified professional adviser that the applicants meet the high-net-worth definition.
Mortgage Professionals – Evidence that the applicants meet the definition of a mortgage professional. E.g. CeMAP certificate.
For a remortgage with additional borrowing or a purchase, in addition to the requirements for evidencing background rental income we need the following forms:
- Property Schedule – you submit this through the buy-to-let hub. You can use other templates if you prefer, if they meet the requirements set in the BTL Hub User Guide
- Business Plan & Cashflow form – you provide this to us directly, just like most other documents
For a remortgage with no additional borrowing, we may ask for a property schedule. We’ll let you know if we need it.