Assisted Mortgage | the West Brom

How it works

We combine your income

To boost how much you can borrow, we combine your income with your sponsor's income.

You borrow together

As joint borrowers, you both become liable for the monthly mortgage repayments and the total amount borrowed.

Only you own the property

You take full ownership of the property.

Is it right for you?

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.

Jacob is a newly qualified teacher and although he's saved enough deposit to buy his first home, his salary is not yet enough to afford the monthly repayments on his own. Keen to help, his step-father has agreed to help him fund the mortgage in the short term as he knows Jacob’s salary is likely to increase over the next few years.

Leah has recently gone through a divorce and would like to purchase a new home for her and her children. However, as main carer, Leah currently works part-time and is unable to meet any affordability requirements alone. Fortunately, her brother has offered to join her on the mortgage until she is able to return to work full-time.

Richard is looking to move closer to his family and has found a great property in an ideal location. However, because Richard has only recently returned to work, he is struggling to pass every lenders income assessment on his own. To help him, his son has agreed to join the mortgage and borrow the funds together.

Important information

You need to meet our standard lending criteria
You will need a minimum 10% deposit
You must have a close relationship with your sponsor. Each case will be assessed individually
Both you and your sponsor will be liable for the monthly mortgage payments and the total amount borrowed
If there is more than one buyer, only the highest earning buyer and your sponsor will be used to calculate the amount you can borrow

You need to meet our standard lending criteria
You must have a close relationship with the buyer. Each case will be assessed individually
Both you and the buyer will be liable for the monthly mortgage payments and the total amount borrowed
As a joint borrower, the Assisted Mortgage will be included as a financial commitment in any future mortgage calculations e.g. when remortgaging your own home

We recommend that both the buyer and sponsor seek independent legal and tax advice before you finalise the date you legally buy your property.

Useful information

How many applicants can apply for the Assisted Mortgage?
There can be up to four applicants on any mortgage. However, if there is more than one buyer or sponsor we will only use the highest earning buyer or sponsor to calculate how much you could borrow.

Can the sponsor live in the property?
No, the sponsor will not be able to live in the property they are supporting.

Can the sponsor gift the deposit?
Yes, the sponsor is able to gift the deposit to allow the buyer to purchase the property.

When the buyer no longer needs the support of the sponsor, how do they let the West Brom know?
For the sponsor to be removed from the mortgage we will assess the buyer’s situation by considering their circumstances and ability to make the monthly mortgage payments without the sponsor’s support. When the buyer feels ready for this, they should contact us to speak with one of our mortgage advisers.

View our assisted mortgages