Under the revised criteria, employed applicants will now only need to provide their latest payslip rather than two months’ payslips.
Darlington Building Society has removed several income verification requirements across its residential and buy-to-let (BTL) mortgage ranges following feedback from brokers seeking a more streamlined application process.
The changes, which take effect immediately, were designed to reduce packaging requirements, improve turnaround times and lower the administrative burden for both brokers and borrowers.
Under the revised criteria, employed applicants will now only need to provide their latest payslip rather than two months’ payslips.
The society has also removed the requirement for income evidence on buy-to-let applications where the required Interest Cover Ratio (ICR) is met.
The change applies across Darlington’s buy-to-let proposition, including expat buy-to-let applications involving self-employed borrowers, where accounts were previously required for verification purposes.
The Society said underwriters will continue to have discretion to request additional evidence where appropriate, including in cases involving top-slicing or more complex circumstances.
Alongside the criteria changes, Darlington has reduced rates by 10 basis points across its specialist residential Visa and Foreign National mortgage products.
The Society’s 2-year and 5-year fixed-rate Visa and Foreign National products at 90% loan-to-value are now available at 5.89% with a £999 fee, which can be added to the loan.
Chris Blewitt, head of mortgage distribution at Darlington Building Society, said: “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.”