Fast and Flexible Residential Mortgage: Supporting Joint Applicant’s Home Renovation Dreams

The Situation 

The borrowers were looking to exit their bridging arrangement and move on to a long-term mortgage. They planned on using the mortgage funds to Repay the bridging loan and consolidate the debt incurred by the renovation costs. With a month until the bridging loan ended, the client needed to ensure they could enter a mortgage agreement before any further fees were applied by the bridging lender.

The application process hit many stumbling blocks from negative valuation comments requiring a re-inspection, and additional building regulation requests. By taking a common-sense approach, West One can tackle each issue one-by-one to find a solution for all parties.

Our Solution

West One’s underwriting team took an innovative, common-sense approach, collaborating with the internal valuation team and broker to address surveyor comments. Internal teams prioritised the application, ensuring timely processing to avoid additional fees from the client's existing bridging lender.

This urgent case arose when the borrowers believed they could secure funding via a high-street lender, only to be declined due to the property type.

Despite the property type and further issues on the valuation, the West One team were able to find a solution for the borrower.

With limited background on the case, the broker required swift access to senior decision-makers and internal teams to resolve the issues and secure the mortgage efficiently.

The Benefit

West One added great value to this case by having a sensible and efficient approach. The underwriting and completions team was clear about what was required and communicated clearly with an innovative approach to helping the joint applicants. Our integrated approach meant that, when complications arose the teams were able to expedite to senior decision makers for a swift resolution.