Below is an update from West One, the Bridging, BTL, Commercial, and Seconds Mortgage lender, that you can access via our specialist mortgage team. Contact our team today for more information.
Announcement
Improved Criteria For West One Residential Mortgage Customers
We are delighted to confirm a series of criteria enhancements for residential mortgage customers with immediate effect.
FAMILY CONCESSIONARY PURCHASES NOW AVAILABLE UP TO 100% OF THE PURCHASE PRICE
We can now allow applications from borrowers purchasing properties undervalue from family members up to 100% of the purchase price. The maximum loan amount will be based upon the lower of 80% LTV (calculated against the valuation figure) or 100% of the purchase price.
This is in addition to our current criteria which allows family concessionary purchases up to the plan maximum LTV where the borrower has a minimum 5% deposit towards the purchase (must be non-gifted). The maximum loan amount will be based upon the lower of the plan maximum LTV or 95% of the purchase price.
CIS Workers – Payslip Now Accepted
For CIS workers, income will now be evidenced using the latest 3 full months consecutive payslips/invoices/statement along with corresponding bank statements supported by their latest SA302 and Tax Year Overview.
Where there is more than 20% uplift in income, we need to establish that the increased income level is sustainable going forward, so an explanation will be required and in some instances, further documentation may be needed.
BIOMETRIC ID VERIFICATION
To streamline the ID verification process we will now require all borrowers to successfully complete our Biometric ID verification. We are further simplifying this process over the coming days by capturing video verification which will remove the requirement to upload photo ID.
You can find more details of our criteria through our online criteria search page on our website.
Complex bridge on £5.5m Grade-II listed Kensington property
When a property owner needed to fund works on their £5.5m Grade-II listed Kensington property while navigating complex divorce proceedings, West One was ready to step in.
Working closely with the client’s family and conveyancing solicitors, we navigated a few complexities to ensure we were able to lend on the prime central London listed property.
West One structured a £3,250,000 bridging facility at 65% LTV on an 18-month term, with £2,800,000 released from day one and the remaining balance drawn at a later agreed date, a phased structure tailored specifically to the client’s legal and property works timeline.
The result: Capital raised for legal costs, essential listed-building works funded, and a clear exit onto a BTL mortgage with uplifted rental value.
The broker who worked with us commented “There are none other like you guys who I would trust to fund a Prime Central London deal with the complexities that this deal had, this is the best day of my career!”
Have a complex bridging case that needs a lender who can work with the full picture?
Get in touch with the West One Bridging team