Clydesdale Bank and Virgin Money have reminded brokers to tell the lenders if there have been any changes to a borrower’s circumstances since application submission.
The lenders, which are part of the same group, told Mortgage Solutions they had sent a reminder to brokers of its policy to update it if borrower circumstances changed as part of their commitment to responsible lending.
This could include being furloughed, loss of overtime or commission payments, or being made unemployed, the lender said.
“We understand that many peoples’ lives have changed in recent months,” it in a message to brokers.
“As we continue to assess mortgage applications, it’s important that we take into account your customers’ current circumstances.”
It continued: “You must let us know if there have been any changes to a customer’s circumstances since you submitted an application to us.
“Examples of changes could include unemployment, furlough, loss of overtime or commission.
“If things have changed after you have submitted an application, please tell us and we will assess your customer’s current circumstances against our policy at the time of the original application.”
Owain Thomas is features and contributing editor of Mortgage Solutions and editor of Specialist Lending Solutions.
He also has experience in the protection, pensions, workplace benefits and HR areas.
Owain has won two Headline Money Awards and the Protection Review’s Journalist of the Year award.