Key Worker Mortgage Scheme

Everything you need to know about the Key Worker Mortgage Scheme.

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Currently Available Key Worker Mortgage Scheme

Shared Ownership

The Shared Ownership scheme is a Key Worker Mortgage Scheme that has been around for decades. Whilst not just for Key Workers, it allows Key Workers to get on the property ladder. Essentially you part buy, part rent your property, allowing you to get on the property ladder with a much smaller income/deposit. Perfect for First time buyers, and those just starting out on a career. You can then purchase a larger share as time goes on until you own the entirety of your home.

Right to Buy

This Key Worker Mortgage Scheme is available for council tenants to buy their home off the Local Authority. If you are currently a council tenant it’s worth speaking to your Local Authority to check your eligibility. When you purchase your home from the Local authority you usually receive a discount on the valuation price which can often be used as the deposit.

Help to Buy

Help to Buy is a government equity loan for up to 20% of your purchase price (40% in London) and allows you to put down a 5% deposit and get a 75% mortgage, this usually means you can secure a better rate. After 5 years you need to begin to pay back this equity loan. Most people endeavour to incorporate it into their mortgage at this point if they can.

First Homes

The First homes scheme hasn’t been released yet. What we know so far is that it is a Key Worker Mortgage Scheme where you can get a minimum 30% discount on an eligible New Build property. This is huge, and when we know more we will do a whole article about it.

Do NHS staff get mortgage discounts?

Unfortunately there are no mortgage discounts available for NHS currently. It is worth speaking to a specialist mortgage broker though. As new products are released all the time. There are products aimed at professionals that may fit for NHS staff.

Is a vet a key worker?

As they provide a service that may be needed in an emergency, the government feels Vets are Key Workers, . If you are a Vet and want to see if you are eligible for any Key Worker Mortgage Scheme get in touch.

What is a key worker?

The current government list of what counts as a Key Worker for a Key Worker Mortgage Scheme covers these areas but more may apply:

  • Health & Social Care – You fall into this category if you are a Doctor, Nurse, Midwife, Dentist, Paramedic, Care Worker etc. You count in this area if you are in the health or social care sectors. This also includes if you work in the social and health care supply chain, including producing or distributing medicine, or medical equipment, including PPE.
  • Education & Childcare – This is relatively obvious, but if you are Support or Teaching staff, work in childcare, social workers, or any specialist education professional.
  • Key Public services – This includes Religious staff, those essential to running the Justice system, Journalists and more.
  • Certain Government employees – This is mostly those managing Covid response.
  • Public and national safety – This is all our Police, Armed Forces, MOD staff, Fire & Rescue, NCA staff, Border security and Prison and Probation staff.
  • Utilities – This includes staff in the Oil, Gas, Electric of Water sectors, Postal services, and waste disposal.

Can You Get A Key Worker Mortgage In London?

Yes you can! Key Workers in London will be pleased to know you can get a Key Worker Mortgage in london. And you may be able to use a Key Worker mortgage scheme such as the Help to Buy or Shared Ownership scheme. If you live in London the rules may be slightly different, so it’s worth speaking to an expert mortgage advisor to discuss your options.

Are There Key Worker Mortgage Scheme For Teachers?

Absolutely! Teachers are one of the few Key Workers who not only have products specifically designed for them, but also a lender. Teachers Building Society offer specialist Teacher Mortgages. They may not always be the best option for Teachers though, as other specialist products may be better suited. We have several articles on Teachers and their mortgage needs.

How Do I Get A Key Worker Mortgage?

Getting a Key Worker Mortgage can be quite straightforward, and quite stressful! At Albion Forest Mortgages we take the stress away as much as we can and leave you with the straightforward. Your income can sometimes be complicated as a Key Worker, but the lender should understand it when your application is packaged correctly. The best way to ensure you get the best deal for your situation is to speak to a specialist mortgage advisor that can help you understand your options.

Can You Get Shared Ownership Mortgages For Key Workers?

Absolutely! Some lenders specialise in both the Shared Ownership scheme and Key Worker Mortgages. The Shared Ownership scheme is brilliant for getting on the property ladder. So its worth considering if you have a low deposit or income. It is entirely possible that the Help to buy scheme may be a better fit though. Therefore its worth speaking to an expert mortgage advisor to discuss your options.

Do You Do Key Worker Mortgage Advice?

At Albion Forest Mortgages we specialise in Key Worker Mortgage Advice. With so many mortgage lenders, products and schemes available you should always seek expert advice when considering probably your biggest loan over the longest period of time. The best part of using us is that we are not only a specialist Key Worker Mortgage Broker, but we don’t charge Key Workers broker fees as a little thank you.

Are There Key Worker Mortgage Providers?

Yes! Although not many, and they will lend to non Key Workers as well. However they do specialise in Key Workers. Like us specialising in mortgages for key Workers, there are lenders and products specially designed for Key Workers as well. 

Got a question we haven’t answered? Perhaps we do on our Main Key Worker page. If not, get in touch.

Key Worker Mortgage Scheme