The mortgage rate is therefore cheaper as it is lower risk to the lender, and the equity loan is charged at 0% for 5 years. We may also receive compensation if you click on certain links posted on our site. Under this scheme, you can borrow 20% of the purchase price interest-free for the first five years as long as you have at least a 5% deposit. Find out if you're eligle in a couple of clicks, with no hidden credit checks. BDU webchat now live Register. When she's not at work, you'll find her jetting off somewhere hot, baking sweet treats or playing football. Key worker mortgage schemes help those in certain job roles to get onto the property ladder. You should not … The First Homes scheme will give people in England the chance to buy a home in their local area for nearly a third less than the market price, saving them an average of nearly £100,000.. 30% discount for key workers And, with just a low 5% deposit you can also take advantage of the government-backed Help to Buy scheme – available to all new home buyers. Rent is also charged on the portion of the property that isn’t owned, so you’ll need to be able to commit to paying their own mortgage, their loan repayments and any rent. If you are a key worker, there are shared ownership schemes you can apply for, where you part own and part rent your property. We have a whole article on Key Worker Mortgage Scheme for Nurses here. In the 6th year, interest starts at 1.75%, and then increases annually by the RPI+1%. product provider, We cannot provide you with personal advice or recommendations, House flipping: How to successfully do property flipping in the UK, Best mortgage lenders 2021 UK: Find the best bank for a mortgage, Compare the best mortgage deals of March 2021, First-time buyer statistics: Average age to buy a house in the UK. You voluntarily choose to provide personal details to us via this website. You might have heard of the Key Worker Mortgage Scheme. I’ve lost my income because of Covid-19: Can I still apply for a mortgage? This offers council housing tenants the opportunity to purchase their property from the local authority with quite significant discounts, which can act as increased equity in the property upon application. BUYING A HOME can be a stressful experience, but a new scheme has been introduced for key workers, helping them to buy their first home. It provides tenants with the chance to buy a share in their rented home (a minimum of 25%), while paying rent on the remaining portion of the property. This product range has been designed to support homeownership amongst a number of essential key worker occupations within the UK. Back to top. London, SE1 9RS. The schemes are available to key workers in London, Berkshire, Buckinghamshire, Oxfordshire, Hampshire, Surrey, Hertfordshire, Kent, Sussex, Essex, Bedfordshire, Cambridgeshire, Norfolk and Suffolk. So what are your alternatives until then? Police officers and community support officers in specified forces, Prison officers and some Prison Service staff in prisons in specified areas, Probation officers (senior or not) and, for intermediate rent only, trainee probation officers, Local authority (LA) or local education authority (LEA) or NHS social workers, Some civilian Ministry of Defence (MoD) personnel (ie clinical staff, MoD police officers and uniformed staff in the Fire and Defence Service), LA environmental health officers/practitioners. Knowing where to look, and finding which schemes are available, is confusing. Nicola Arbon, Managing Director and Mortgage Guru. Along with our Shared Ownership Mortgage Product range, this shows our continued commitment to supporting financial inclusion within society. In the short term, Help to Buy can make for convenient borrowing and is especially great for key workers who cannot afford to put down a large deposit to secure a mortgage. Right to Buy allows qualifying council tenants in England to purchase their council houses from their local authorities at a discounted rate. Some lenders are still accepting new applications here, using desktop valuations where they have visited the developments previously. Mortgage Broker Norwich; Meet the YBM Family; Join Us; Refer a Friend; Refer to Us; Our Charities; Mortgages. The actual amount will depend upon your circumstances. Monday 19th October 2020 see’s Reliance Bank announce the launch of a Key Worker Mortgage Product range. Our website uses cookies. We’ve done the calculations to help you decide which is the more worthwhile investment. We may receive compensation from our partners for placement of their products or services. Have a household income of no more than £60,000 per annum. https://www.onlinemortgageadvisor.co.uk/.../mortgages-for-key-workers This is unfortunately no longer running but used to offer teachers attractive options for mortgage deals including better rates. This scheme is sadly no longer running, however, there are other affordable housing scheme mortgages available for NHS workers that may have lower interest rates, smaller deposits and other discounts, including: Your home may be repossessed if you do not keep up repayments on your mortgage. Always consider your own circumstances when you compare products so you get what's right for you. NHS mortgages for key workers were part of the earlier key worker mortgage schemes. The Mortgage Hut Limited. Our address is Level 2, 20 St Key Worker Deposit Contribution Scheme . While we are independent, we may receive compensation from Now a scheme to help key workers get on the property ladder has been announced. Read More: House prices: Will house prices drop? Some products are not regulated by the Financial Conduct Authority. This scheme is for newly built properties only, and allows the purchaser to buy with just a 5% deposit, whilst giving them a further 20% equity loan so they only require a 75% mortgage. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. The Help to Buy equity loan scheme will be extended until 2023. ZA227007. Hypnotherapy; Counselling; EFT – Tapping But there are government-driven home ownership schemes designed to appeal to those working in the public sector, particularly if they live in a high-cost area. When you make major financial decisions, consider getting independent financial advice. It’s worth noting, that there aren’t actually special mortgages for … Designed to encourage first-time buyers and home movers to buy, the scheme is for newly-built properties only, and allows the purchaser to buy with just a 5% deposit, whilst giving them a further 20% equity loan, which means they only require a 75% mortgage. These include teachers, nurses, firefighters, policemen and a whole host of other professions. Key workers are defined as nurses, NHS staff, teachers, police, fire fighters, prison officers and social workers. One of the main initiatives geared towards helping key workers is Open Market HomeBuy (OMHB). Social HomeBuy is a grant-funded scheme that you can find out about from your local housing association or local authority. Home; Lending Criteria; Calculators. The Key Worker Scheme cannot be used in conjunction with any other promotions/offers, unless otherwise specified. our site. service provider and read the information they can provide. In the UK, those considered key workers are eligible for a range of housing and mortgage schemes designed to support them in getting onto the property ladder. Like any other borrower, key workers are approved for mortgages based on their ability to repay the home loan when their income and expenses are taken into account. Doctor, Nurse & Key Worker Mortgages; Professional Mortgage Advice; Specialist Mortgage Advice ; One Point of Contact for Your Mortgage; Mortgage & Remortgage Help ★★★★★ 5/5 "Friendly, Professional & Great to Work with!" That’s why we’ve put together this quick guide to help you find the best mortgage deal as a key worker. Key workers and first-time buyers eligible for the scheme will be prioritised too which is potentially exciting news for a lot of people who had previously written off the possibility of home ownership. The fee is up to 1% and a typical fee is £748. Who is a Key Worker? We endeavour to ensure that the information on this site is current and Have a minimum of five years to serve before reaching retirement. finder.com is an independent comparison platform and information service This is particularly beneficial to Doctors, Nurses and Key Staff who work within the NHS and are looking for impartial guidance on which mortgage will meet their individual needs. A broker’s view: NHS and key worker mortgages – plus payment holidays Posted on May 1, 2020 by admin in Feature with 0 Comments In this new series of weekly articles, Greg Cunnington, director of lender relationships and new homes at Alexander Hall, looks to clarify how the mortgage market has been impacted by the Covid-19 pandemic, and what this means for you. A Key Facts Illustration, which is personal to your circumstances, will be provided if a recommendation for a mortgage product is made. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. In fact, some mortgage lenders offer exclusive rates or schemes for key workers and working with a mortgage broker can help you to find them. The amount you pay back to the lender that gave you the key worker ; mortgage is £40,000, since your … Help to Buy. product or commit to any plan. The First Homes programme aims to provide a solution to this problem, providing a 30% discount on new homes for key workers including nurses, teachers and police officers as well as local first time buyers. we understand NHS staff are busy. Buy your dream new home today Kier Living understands the time pressures that people who work in essential professions face. offer credit facilities from a panel of lenders. If you are currently a council tenant it’s worth speaking to your Local Authority to check your eligibility. These schemes have however become less common due to the creation of other schemes such as Help to Buy. In order to qualify for the schemes mentioned above your household income must not exceed £60,000 a year … Compare the best mortgage rates. ... (see the Key Worker Living programme page for more information about who is a key worker), or members of the armed forces. Those working in the police, fire, prison, NHS, local authority, armed forces or education sectors may qualify. To truly understand the most viable mortgage route for you, it can be helpful to ask a mortgage advisor who will know the current schemes available in your area as well as the lenders most likely to offer you the best rates. Phone. Working long hours, juggling shift patterns, finding your work-life balance. But there are still some lenders in the market offering favourable rates and deals, plus some schemes designed to help key workers seeking a mortgage deal. The scheme was once available throughout the UK but is no longer active in Scotland and Wales. decisions. NHS 5% Deposit Scheme To say a big thank you to our brilliant NHS workers who have shown such courage in the face of the COVID-19 crisis, we've launched our … Many of the schemes and programmes available to key workers are offered under the agreement that the applicant is a first-time buyer. In order to find out about your eligibility, speak to a certified Mortgage Advisor. We do this so it works, is secure and delivers the best browsing experience. This Government backed scheme will be available throughout England and is aimed at widening home ownership and increasing housing affordability amongst key workers, social housing tenants and first time buyers with an annual household income of less than £60,000. NHS mortgages for key workers were part of the earlier key worker mortgage schemes. Get a Quote. key workers, such as nurses, police and teachers. By continuing to browse the site, you are agreeing to our The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. Discover how you can use buy-for-university mortgages to buy property as a student. The total effect results in much more affordable borrowing in the short-term and the ability to purchase a property with a small deposit. The schemes are available to key workers in London, Berkshire, Buckinghamshire, Oxfordshire, Hampshire, Surrey, Hertfordshire, Kent, Sussex, Essex, Bedfordshire, Cambridgeshire, Norfolk and Suffolk. Help to Buy and affordable home ownership schemes to help first-time buyers and home movers - equity loan, mortgage guarantee and ISA, shared ownership The government website Own your home provides a useful on-line tool to assist potential home buyers to find an appropriate shared ownership … For Intermediaries only - Back to Customer site. If you live in London, you can borrow up to 40% of the purchase price. Housing schemes for key workers used to centre on various Government housing initiatives and are normally run by housing associations. The policy detail may change over time. NHS Mortgages. Some schemes are only available on a local or regional basis, and some may prioritise a particular group of people such as key workers (see the Key Worker Living programme page for more information about who is a key worker), or members of the armed forces. Your mortgage broker will also guide you through the process of applying for a mortgage as a key worker, saving you time and wherever possible and advisable, money. Key features of the First Homes programme: Properties sold with a discount of at least 30 percent. The guidance and advice contained in this website is subject to the UK regulatory regime and is therefore restricted to consumers based in the UK. She has several years of experience writing about all things lifestyle, including health and fitness, fashion and beauty, food and drink and travel. Privacy Policy. There are a few qualifying rules which include your household … The main one is what's known as an equity loan scheme. But there are government-driven home ownership schemes designed to appeal to those working in the public sector, particularly if they live in a high-cost area. You agree that such personal information may be used to provide you with details of services and products in writing, by email or by telephone. Linkedin-in. The First Homes scheme when it is released should be perfect for you if you are a Nurse. Reliance Bank meanwhile made changes to its key worker mortgage range by raising the maximum loan amount to £750,000. Help to Buy and affordable home ownership schemes to help first-time buyers and home movers - equity loan, mortgage guarantee and ISA, shared ownership