How much of a mortgage can your loved one afford?
Working out how much they can borrow is always hard. Lenders not only assess if they can afford the payments now but whether, if rates did increase in the future, they’d still be able to afford it.
The lender will complete an affordability assessment with your loved one which looks at their income and outgoings, as it's the lender's responsibility to make sure they can afford the payments. Before you look seriously into helping out, it’s a good idea for you to have a conversation with them to give you the peace of mind that they can afford the monthly payments.
Your home buyer can use our mortgage calculator to work out how much they could borrow with us, based on the help you’re looking to provide.
Buying using a government scheme
There are number of government initiatives available. To learn more, open up the ‘Government schemes’ section of our first time buyer page