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Key Worker Mortgages

Date: Mon, 17 Oct 2005

Key Worker Mortgages are a type of financial product that is part of a government scheme to help “key workers” to be able to afford a property.

Key Worker Loans provide such professions as teachers, policepersons, fire-fighters, nurses and the suchlike with up to £100,000 dependant on the circumstances to cover the deposit part of a mortgage, not the full mortgage itself.

There are a number of lenders who will be able to offer mortgages under such circumstances but also a significant group who prefer the buyer to provide the deposit themselves even if it only be in part at the level of 5% of the properties value.

Key Worker Loans come with their own restrictions and regulations that must be adhered to such as being for the sole purpose of funding the key workers main residence, needing to be repaid at the point of the property being sold.

The amount that will be repaid will go hand in hand with the growth or loss in value that occurs in the value of the property on a proportional basis. To explain - If the loan was for the amount of £10,000 and the price of the property this was put towards was £120,000 and the property sold at double its value at a later date for £240,000 then the loan amount would also double, meaning £20,000 would be repayable.

Key Worker Mortgages from Endsleigh Financial

If you are currently interested in the benefits of arranging a key worker mortgage or simply want to discuss your situation further please click here and fill in our short mortgage quote form.

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