The clients were a couple who were self-employed and employed, with the later being on maternity leave at the time of application.
On the surface the situation was as a relatively straight forward residential purchase with the applicants looking to meet their needs for a growing family.
Due to their income, and employment status not meeting the required affordability criteria, despite the LTV being at 55%, the situation became more complex.
Specialising in complex circumstances, especially those borrowers underserved by the high street, West One utilised their manual approach to fully understand the intricacies of the application. Ensuring a dedicated underwriter worked on the case , took the time to understand the borrowers' requirements, and speaking with the broker to explain the requirements that need to be met in order to find the solution.
The case presented many challenges which needed the skill and experience of the West One underwriting team.
Initially presented to the team, as two applicants looking to purchase a residential property.
However, due to their employment status and complex income, they may have been declined by many lenders as they could fall outside of lending criteria, and automated systems would decline their application.
Addressing their income, and employment status needed time and care from West One team and the broker.
The application would not have progressed with a lender who solely used an automated underwriting. Taking the time to understand the challenges was key to supporting the broker and their client.
To enable West One to provide a solution, a dedicated underwriter needed to understand the challenges to provide a solution.
The Residential product ranges offers tiered options which have been strategically designed with the borrower and their circumstances in mind. The options available were clearly presented by the West One team to the client to show the products available in order for the borrower to progress.
The versatile products and criteria allowed West one to use the sole income from the self-employed applicant, and utilise the product offering for LTI's over 5.0 timers income, and spreading the term over 33 years.
Despite the apparent challenges of employment and income, West One we are able to provide a positive solution giving the applicants the ending they desired.
By taking the time to understand the case, working closely with the broker to understand why the application may have been declined, and taking the time to speak to the brokers and explain the justification for decisions in a clear concise manner, allowing for further conversations and fact finding. The time and experience of the underwriting team, along with the product options demonstrated the benefits of West one.
Being a lender who take a people centric and manual approach to underwriting ensured West One were able to explore all options and provide the borrower with the necessary outcomes that would allow them to meet the affordability challenges and progress with their purchase.
"Communications 10/10 and every requirement the underwriter makes has a logical explanation as to why.
So many lenders requirement are confusing as to what is actually being requested and no justification as to why, but the speed/ efficiency of underwriting from West One has been amazing!"