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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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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.

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.

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
Clydesdale Bank Intermediary 2 Year Discount £1449 Fee CLY0.99%DiscountSep-20204.95%4.3%2 years £1449
Monmouthshire BS 2 Year Discount £1999 Fee Purchase BMO0.99%Discount2 years 4.99%4.4%2 years £2149
Progressive BS 2 Year Discount No Fee Purchase BPG0.99%Discount2 years 4.75%4.3%2 years £0
Accord Intermediary 2 Year Discount £1495 Fee ACC1.09%DiscountSep-20204.99%4.4% £1495
Barclays Bank 2 Year Tracker £1999 Fee Purchase Wealth BWO1.19%Tracker2 years 3.99%3.6% £1999
Leeds BS 2 Year Tracker £999 Fee BLH1.19%TrackerJun-20205.69%4.8%30-Jun-2020 £999
Nationwide BS RETENTION 2 Year Tracker £999 Fee Existing Borrowers Cashback BNW1.19%Tracker2 years 3.99%3.6% £999
Nationwide BS 2 Year Tracker £999 Fee BNW1.19%Tracker2 years 3.99%3.5% £999
Nationwide BS FTB 2 Year Tracker £999 Fee Cashback BNW1.19%Tracker2 years 3.99%3.6% £999
Nationwide BS RETENTION 2 Year Tracker £999 Fee Existing Borrowers BiR BNW1.19%Tracker2 years 3.99%4% £999
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.
Instant Decisions with No Credit Scoring

In assessing your requirements, we do not use credit scoring and we can provide an accurate estimate of the amount of borrowing and the viability of your requirements, without effecting your credit score.

We avoid credit searches at the initial stages given that numerous credit searches will impact your ability to access cheap credit. It is clear that too many credit applications in a short period of time will impact your score and whilst it is important to shop around, formal applications for a mortgage can trigger rejections, as it gives the impression you may be desperate for credit. It is essential when making enquiries for any financial product, that the Company does not credit score you, until such time as you have agreed to make a formal application.

We can indicate your chances of approval prior to any application being made and where necessary, can obtain decisions in principle from lenders who do not use credit scoring.

 

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