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.