Key Worker Mortgages
Key worker mortgage is a government driven initiative
which is aimed at public sector personnel with a goal to assist
with buying a home or even renting. The £690m initiative
is aimed at individuals ranging from NHS Clinical workers, police
officers, social workers and fire fighters.
Like many programmes there are parameters and conditions that must be met in order for help with home ownership, such as being a first time buyer, or already owing a property but not adequate for the size of family that are resident, or even if you are an individual who need to rent affordably.
In addition, this initiative is only available to
a specific keyworkers in London and the South East and East of England.
The government assistance is offered in three different options:
- Open Market HomeBuy where a loan is provided to purchase a property. The applicant must raise around 75% of the property’s worth.
- New Build Homebuy where you have the option to purchase 25 per cent of the cost of the home and the rest is based on a rental agreement.
- Intermediate Renting where rent is positioned in between social and private landlords
In order to qualify for the key worker living programme you must be one of the following:
- Nurses, other NHS clinical workers
- Teachers in schools , further education and sixth form colleges
- Community support officers, police officers and some civilian staff
- Local authority planners
- Prison service staff in specific prisons
- probation service employees
- Social workers, nursery educational psychologists, and occupational therapists employed by local councils
- Nursery nurses
- Fire and Rescue Services staff (certain levels only)
- Clinical NHS staff (with the exception of doctors and dentists)
- Connexions Personal Advisors employed by a local authority or a Connexions Partnership
- Ministry of Defence personnel - certain personnel only.
If you would like more information on key worker mortgages then please fill out the form below and we will put you in contact with our FSA regulated mortgage brokers.