Key Worker Mortgages – Considerations

Key Worker Mortgages

The British government launched its ‘Key Worker Living Programme’ in 2004, with the aim of recruiting and retaining key...

Considerations

Get a Free Quote Key Worker Mortgage Considerations
If you are employed in southern or eastern England, in one of the qualifying job categories, a Key Worker Mortgage might be your only realistic chance of getting a foot on the property ladder.

When to Consider a Key Worker Mortgage
If taking on a Key Worker Mortgage could mean making the difference between buying a first property or not, you would be sensible to give the matter serious consideration. Financing a new house or flat in this way might be just what you need to get started, if your job makes you eligible to take part.

Mortgage Exclusion
A Key Worker Mortgage can only be used when buying a main residence; it cannot be used for the purchase of a ‘buy to let’ property.

Implications
Before deciding upon taking up a Key Worker Mortgage, you should be aware that if you change your employment you might cease to be considered a Key Worker. If this happens you will be required to repay the loan. However, in cases of redundancy or loss of employment due to ill health, the loan does not have to be repaid until the property is sold. If you are settled in your job and eligible for a Key Worker Mortgage, buying a home partly funded by this method is likely to be beneficial, especially if property prices continue to rise steadily.

Key Worker Mortgages & Mortgage Products
Even if you are successful in obtaining a Key Worker Mortgage, some financial institutions are reluctant to offer their mortgage products in combination with a Key Worker Mortgage.

Key Worker Mortgage Providers
Mortgage providers that will consider applications in conjunction with a Key Worker Mortgage include Abbey, Cheltenham & Gloucester, Halifax, Royal Bank of Scotland, Leeds & Holbeck, Nationwide and Yorkshire.

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