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If you have a deposit, but are struggling to afford the monthly mortgage repayments by yourself, we may have the perfect solution. The Assisted Mortgage allows someone you have a close relationship with to help you in buying your home, by acting as your sponsor.
To boost how much you can borrow, we combine your income with your sponsor's income.
As joint borrowers, you both become liable for the monthly mortgage repayments and the total amount borrowed.
You can take full ownership of the property and your sponsor won’t be liable for stamp duty.
Please note: the examples below are based on the incomes stated with no financial dependants or outgoings. They are provided for illustrative purposes only and do not take into account your individual circumstances.
Applying on your own
If your dream home costs£300,000
You will need to borrow at least£270,000
With your income of£20,000
You could borrow£90,000
Applying with a sponsor
With your income of£20,000plus your sponsor's income of£50,000
You could borrow£315,000
The Assisted Mortgage is perfect for first time buyers, but could also help you if your circumstances have changed and you would like to move up the property ladder or buy your own home. Below are some illustrative examples which explain the types of people who could be eligible for the Assisted Mortgage.