Key Worker Mortgages – The Basics

Key Worker Mortgages

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

Get a Free Quote What is a Key Worker Mortgage

The British government launched its ‘Key Worker Living Programme’ in 2004, with the aim of recruiting and retaining key public sector workers in areas of England where housing costs are high. The provision of Key Worker Mortgages is a major part of this programme.

A Key Worker Mortgage is designed to make otherwise prohibitively expensive homes affordable to those key workers on relatively low incomes. The scheme is targeted at key public service workers in a number of essential sectors including education, health and the emergency services.

Types of Key Worker Mortgage
Three categories of Key Worker Mortgage are currently available:
Bullet Point Homebuy loan - up to £50,000 towards the cost of purchasing a house or flat;
Bullet Point Higher Homebuy loan - up to £100,000 towards the cost of purchasing a house or flat (only available to eligible senior school teachers in London);
Bullet Point Shared Ownership loan – only available for purchasing a part share (minimum 25 percent) in a new house or flat.

Who is Eligible for a Key Worker Mortgage
The applicant must be working in London, East Anglia or South East England, in order to be eligible for a Key Worker Mortgage. In addition, the applicant must be employed in one of the following types of jobs:
Bullet Point teacher in a school or further education college;
Bullet Point local government-employed educational psychologist, social worker or occupational therapist;
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.

Online Mortgage Enquiry and Quote

Online Enquiry...

If you would like to receive a quote for a mortgage from an FSA regulated broker please
Click here...

Mortgage Calculator

Calculate

Typical Interest Payments

First Time Buyers

2.89%

Purchased Fixed

2.89%

Discounted Rate

2.99%

Buy To Let

2.99%

Commercial

3%

 

 

Affordability Calculator

Calculate
Get a Mortgage Quote

Mortgage News Feed Mortgage News Feed

Questions & Answers

Read about general questions asked by brokers and lenders and the best ways to answer...

Mortgage Glossary

Search for terms beginning with the letter:

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Download eBook