First Time buyer key workers can typically only raise around 3½ times their single salary for a mortgage loan which often falls short of their requirements, meaning that these key workers are unable to afford a residence locally to their place of work.
The Key Worker Living scheme was introduced by the government in an effort to help people working in these professions to be able to mortgage a property.
There are a number of different ways of funding properties are part of this initiative, the main being the equity loan scheme. This works by providing a key worker with a loan that they can use towards the price of their property. These loans are only payable on the sale of the property or if the key worker leaves their job within 2 years of taking out the loan.
The loan is equity linked meaning that if you attained a loan of £30,000 for a £90,000 loan and sold the house a year later for £120,000, you would need to pay back £40,000 as this is a third of the final value of the property (as you initially borrowed a third of the value of the property)
Endsleigh Financial will be able to guide you through the best options available to you surrounding Key Worker Mortgages as they are able to look at 1000's of different mortgage products within the UK marketplace. Compare Key Worker Mortgages now by completing the online quote form once you have contacted your employer to discuss whether you are eligible for a Key Worker Mortgage.
Our Key Worker Mortgage comparison service is free (unless you opt to pay a fee for our advice) and unlike many other mortgage companies and brokers our staff are salaried, not paid commission on the products that they sell, meaning they really do act independently within the mortgage marketplace to try to get you the best deal.
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