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Peter Marshall - Purchase
From the beginning excellent communication and feedback, follow up from the team of Peter Bartlett, Alex Fryday & Garry Skimins was prompt and helpful, concluding ...Read More

Mortgages For Key Workers

Key workers are those living in the UK who are considered to perform key jobs for society. These include teachers, nurses, firefighters, policemen and a whole host of other professions.

In the UK, those considered key workers are eligible for a range of housing and mortgage schemes designed to support them in getting onto the property ladder.

There are a few qualifying rules which include your household income not being more than £60,000 a year, being in one of the eligible professions and having no less than five years left to work before retirement.

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What Our Customers Say

Customer - Purchase
Seemless, professional but user friendly. I felt in good hands from the very start. ...Read More
10 days ago

Customer - Purchase
Excellent service and extremely useful to us. They accessed much better deals (and larger loans) than we were able to find on our own, and the fees we paid them were more than outweighed by the money saved in terms ...Read More
15 days ago

Customer - Rmg - Capital Raising
Very good initial response (Greg Simkins). However, at times there seemed to be a lack of communication within the team. This improved when Stephen Marsh took over. ...Read More
15 days ago

Steven - Buy to Let Remortgage
These guys are so professional. Not only are they literally the only company in the UK to handle business owners, but they deliver an effective and professional service. London office with supportive UK staff who just get the job dfone ...Read More
21 days ago

Find out more

Help to Buy

The schemes include Help to Buy, which allows you to borrow a deposit from the government interest-free for five years. After this initial term, you will need to pay interest on the loan.

The loan given under Help to Buy is an equity loan, meaning that the government owns a share of the property. You can borrow up to 20 per cent of the value of the property (40 per cent in London) and the government will own this percentage of any change in value of the property between purchase and the date at which you repay the equity loan.

The remainder of the purchase price is made up from a 5 per cent deposit which you will need to provide from savings or an inheritance or similar. The final 75 per cent (55 per cent in London) is a mortgage from a lender.

Not all mortgage lenders offer Help to Buy mortgages, and the rates are often different from ordinary mortgages. To make sure you get the best option, it's a good idea to speak to a specialist mortgage broker who has access to the full range of lenders.

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Shared Ownership

The government also offers a shared ownership scheme for those who can't afford to pay for a mortgage on 100 per cent of home. This scheme allows you to buy a share of a property - between 25 per cent and 75 per cent of the value of the property - and pay rent on the rest.

If you can afford more after a few years, you can switch part of the rent to a mortgage and build up the share that you own.

The scheme can be used on both new build homes and existing properties that are being resold by housing associations. You will need to apply for a mortgage to pay for your share.

We can help you to look at all the options available and choose the one that's right for you.

Those in the British Armed Forces are given priority for this scheme, but depending on where you want to buy, key workers are given priority in some local authority areas.

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Shared Equity

Shared equity is another option for those who have lower incomes and can't afford to buy a whole property.

The government's Help to Buy scheme, above, is the biggest shared equity provider but there are others. Some house builders offer similar schemes for those buying a new property. Under these schemes, you borrow money for the deposit in the form of an equity loan, which gives the provider of this loan a share in any change in value in the property between you buying it and repaying the loan - usually when the property is sold.

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The remainder is funded by you taking a mortgage. There are fewer lenders offering mortgages on shared equity properties that are not part of the Help to Buy scheme, but you will still have options. It's best to speak to a mortgage broker who will be able to guide you through the application process and help you work out the best choice for you.

Scotland offers two separate shared equity schemes – New Supply Shared Equity and Open Market Shared Equity. Wales is part of the Help to Buy scheme, but allows you to take an equity loan of between 30 per cent and 50 per cent of the purchase price. It’s designed for people who would otherwise need social housing.

Find Out Current Best Rates

Property Value
£
Mortgage Amount
£
Reason for Mortgage
Mortgage Type
Lender Initial Rate Type For Then APR* ERC* Fee
Monmouthshire BS 2 Year Discount £1999 Fee Purchase BMO0.99%Discount2 years 5.24%4.4%2 years £2149
Beverley BS 2 Year Discount £1895 Fee BBV1.28%Discount2 years 4.75%4.2%2 years £1895
Leeds BS 2 Year Tracker £999 Fee BLH1.32%TrackerOct-20205.69%4.8%31-Oct-2020 £999
Accord Intermediary 2 Year Discount £1495 Fee ACC1.34%DiscountFeb-20214.99%4.2% £1495
Skipton BS Intermediary Exclusive 2 Year Fixed £1995 Fee SBS1.38%FixedOct-20204.99%4.5%31-Oct-2020 £1995
Leeds BS 2 Year Fixed £1999 Fee BLH1.39%FixedDec-20205.69%4.9%31-Dec-2020 £1999
Progressive BS 2 Year Discount No Fee Purchase BPG1.39%Discount2 years 5%4.58%2 years £0
Skipton BS 2 Year Tracker £995 Fee SBS1.42%Tracker2 years 4.99%4.3% £995
Barclays Bank 2 Year Tracker £1999 Fee Purchase Wealth BWO1.44%Tracker2 years 4.24%3.8% £1999
TSB Intermediary 2 Year Fixed £995 Fee Purchase TSB1.44%FixedNov-20204.24%3.9%30-Nov-2020 £995
Mortgage product availability is subject to status and availability. Although great care is taken to ensure that product details are as accurate as possible no liability can be accepted for errors or omissions.
*APR = Annual Percentage Rate *ERC = Early Repayment Charge
*These figures are only illustrative. An assessment of your needs will be confirmed before a recommendation can be made. A Key Facts Illustration, which is personal to your circumstances, will be provided if a recommendation for a mortgage product is made.

Best Discounted Rates

LenderRateType
Monmouthshire BS 2 Year Discount £1999 Fee Purchase BMO0.99%
then 5.24
(variable)
DiscountRead More
Yorkshire Building Society Direct 2 Year Discount £1495 Fee YBS1.17%
then 4.99
(variable)
DiscountRead More
Beverley BS 2 Year Discount £1895 Fee BBV1.28%
then 4.75
(variable)
DiscountRead More

Best 5 Year Fixed Rates

LenderRateType
Yorkshire Building Society Direct 2 Year Fixed £1495 Fee YBS1.38%
then 4.99
(variable)
FixedRead More
Skipton BS Intermediary Exclusive 2 Year Fixed £1995 Fee SBS1.38%
then 4.99
(variable)
FixedRead More
HSBC Direct 2 Year Fixed £1499 Fee C/A Premier Standard HSB1.39%
then 4.19
(variable)
FixedRead More
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