Key Worker Schemes
Key Worker Mortgages have been created to help key workers such as police, social workers, nurses and teachers to be able to afford properties.
First Time buyer key workers can typically only raise around 3½ times their single salary for a mortgage loan which often falls short of their requirements, meaning that these key workers are unable to afford to buy close to their place of work.
The Key Worker Living scheme was introduced by the government in an effort to help people working in these professions to be able to mortgage a property.
There are a number of different ways of funding properties that are part of this initiative, the main being the equity loan scheme. This works by providing a key worker with a loan that they can use towards the price of their property. These loans are only payable on the sale of the property or if the key worker leaves their job within 2 years of taking out the loan, or in some cases on death of either party.
Qualifying criteria apply with the relevant organizations who offer these schemes.
Independent Mortgage Solutions will be able to guide you through the best options available to you surrounding Key Worker Mortgages as they are able to look at so many different mortgage products within the UK marketplace.
