Key Worker Mortgages – Key Facts

Key Worker Mortgages

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

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The aim of the Key Worker Mortgage programme is to help to recruit and retain key public sector workers in those parts of London, South East England and East Anglia where the high cost of housing would otherwise deter employment.

Types of Key Worker Mortgages
Main types of Key Worker Mortgage available:
Bullet Point Homebuy loan – usually up to £50,000 towards the cost of purchasing a house or flat; in special cases (e.g. for certain senior school teachers in London) a loan of up to £100,000 may be available;
Bullet Point Shared Ownership loan – only available for purchasing a part share (minimum 25 percent) in a new house or flat, usually from a housing association.

Key Worker Entitlement
Public service employees in the following employment categories are permitted to apply for a Key Worker Mortgage:
Bullet Point police officer or police administrative staff worker;
Bullet Point fire fighter;
Bullet Point prison officer;
Bullet Point probation officer;
Bullet Point nurse, paramedic or other NHS medical staff;
Bullet Point teacher in a school or further education college;
Bullet Point social worker, educational psychologist, or occupational therapist employed in local government.

Key Worker Mortgage Zones
A housing association manages the allocation of Key Worker Mortgages in each of the following areas:
Bullet Point London
Bullet Point Bedfordshire and Cambridgeshire
Bullet Point Essex
Bullet Point Hertfordshire
Bullet Point Norfolk and Suffolk
Bullet Point Rest of the South East (Berkshire, Buckinghamshire, Hampshire, Kent, Oxfordshire, Surrey and Sussex).

Exclusions
Not all categories of public sector employee will be entitled to Key Worker Mortgages, in all localities.

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Typical Interest Payments

First Time Buyers

2.89%

Purchased Fixed

2.89%

Discounted Rate

2.99%

Buy To Let

2.99%

Commercial

3%

 

 

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