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Exclusive: Halifax standardizes income verification requirements

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  • 17/08/2011
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Exclusive: Halifax standardizes income verification requirements
Halifax Intermediaries will simplify its income verification requirements in a bid for more consistent paperwork from its mortgage applicants from tomorrow.

The memo announcing the changes will go out to brokers this afternoon informing brokers Halifax’s intermediary arm will be standardising the documentation it requires from brokers and applicants.

For example, when verifying an applicants income, Halifax will take into account the applicant’s basic salary, alongside any bonuses and ask for three payslips dated in the past three months.

Where the client is employed with basic income, Halifax will need to see their latest payslip

For clients receiving state pension or child benefit, Halifax will need one bank statement dated in the past month.

Where the client receives an annual bonus, Halifax will need to see the payslip where their bonus was paid, or their P60, and where the client is self employed, it will need the latest three years’ SA302s.

A spokesperson for Halifax, said: “We have made changes to our requirements to help make the process as straightforward as possible. This is to ensure that brokers will always know what we need, which should help ease delays in the process.

“We’ve also introduced some updates to the criteria page on our website which is due to go live tomorrow. These are just two of the things we’ll be doing over the coming months to make it easier for brokers to do business with us.”

Last week Lloyds Banking Group announced that it was looking to shed 1,300 jobs across its group functions.

The company said 1,120 of these were part of the reductions announced in its strategic review earlier this year, as part of its ‘simplification’ programme.

Lloyds also revealed its gross mortgage lending and market share continued on its downward trend, with gross mortgage lending falling to £12.9bn in the first half of 2011.

Its mortgage market share stands at 20% for H1 2011, against 23% in H1 2010.

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