Mortgages for Key Workers

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Mortgages For Key Workers Chevron

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: June 21, 2022

UPDATE FOR 2019: The lenders that once offered key worker mortgages are not currently considering these applications. The key worker scheme is no longer available.

But fear not! There are some other great schemes that can help such as the Help to Buy schemes, and other ways to obtain up to 100% mortgages (more info below).

It is also worth bearing in mind that there are some lenders offering preferential rates and underwriting for professionals and key workers alike, and often there are specific products that can help buyers in a whole manner of ways. Many of these products would otherwise not be available to the general public. (This includes teachers, doctors and soldiers amongst others). If you want to know more, read on, and if you’re ready to make a mortgage application get in touch!

What are the best alternatives to key worker mortgages?

Aside from key worker mortgage schemes, the government has rolled out the following:

Help To Buy

This is the government scheme designed to encourage first-time buyers and home movers to buy, and to spark life back into the housing market. 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.

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. In the 6th year, interest starts at 1.75%, and then increases annually by the RPI+1%. The total effect results in much more affordable borrowing in the short term and the ability to purchase a property with a small deposit.

New Buy

This scheme is exclusively for the purchase of newly built properties, where the purchaser only has to put in 5% deposit, and borrow on an exclusive NewBuy 95% mortgage. The benefit for the borrower is obviously only requiring a small deposit, but they also borrow on the mortgage at a cheaper rate, because the loan is government-backed up to 20%, so the lender is effectively lending 95% but with the security equal to a 75% mortgage. Should the borrower default, the lender would recoup any shortfall from sale of the repossessed property from the government.

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Right to Buy

Offers council housing tenants the opportunity to purchase their property off of the local authority. Often with quite significant discounts which can act as increased equity in the property upon application.

Shared Ownership

This is the purchase of a share of a property owned by a social landlord, housing agency or an employer. You can purchase from 25% up to 100% of a share, on which you pay the mortgage, and on the remaining share you pay rent. Visit our page for more on mainstream shared ownership. As a key worker, if you are helped to buy your share you can increase ownership by staircasing either in increments or outright to a 100% share when affordable.

Follow the links above for more details on the various other schemes and products.

How do I apply for these schemes?

If you’re ready to make an application or if you just have an enquiry, please fill out our quick form below and an expert will be in touch ASAP. If you require help immediate assistance please make an enquiry or on 0808 189 2301.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

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*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.