Key Worker Mortgages

In recent years, areas of the country with high property prices have faced something of a dilemma: relatively low-paid workers in vital sectors have been pushed further and further away, to the point where they can’t be reasonably expected (or in some cases can’t even afford) to commute back in. This has resulted in a dramatic ‘brain drain’ of essential skills from otherwise affluent areas, as key workers have been left with no alternative but to move away. These key workers include nurses, ambulance drivers, fire fighters, teachers, social workers, occupational therapists and a whole host of ‘without-whoms’.
In response to this dilemma, the government invested £690m in The Key Worker Living Programme, an initiative designed to help key workers rent or buy a property in the vicinity of where they work.
Aside from the obvious fact that you need to be a key worker, eligibility for the programme is also dependent upon a number of financial factors, including income, assets and expenditure commitments. We strongly recommend you speak to a mortgage advisor to find out if you qualify.
If you do qualify, support could come in a number of forms, including:
•    Homebuy. Equity loans of up to £50,000 towards the purchase of a property.
•    Higher Homebuy. Equity loans of up to £100,000 towards the purchase of a property, specifically for teachers in the London area.
•    Shared ownership. Only for new properties.
•    Intermediate renting. The cost of rent is fixed between the level charged by the private sector and the level charged by the social sector.