Key worker scheme... simple question but the resources have me baffled

frivolous_fay

My partner qualifies, in theory, for a key worker loan, because of where he works.

My question is... and the helpline's computer is not helping with this - perhaps someone here has experience and may know the answer...?

If you qualify for a loan, can you use it to buy a house outside 'London', but still within what we believe to be a reasonable travelling distance?

We currently live on a popular commuter train route and are hoping to buy a house closer to London, but still on the same route.

izoomzoom

I pulled this off the website for one of the HA that we are registered with

To help you purchase a property, the amount you may receive as an equity loan will vary and reflects the difference between your savings plus the amount you should be able to raise from a mortgage ( 3 ½ x single salary or 3 x joint salary) and the average price of a local property that is suitable for your needs. For key workers, the average property price will be based on the area where you work, not where you live, although you may purchase a property anywhere within a 45 minutes travelling distance of your place of employment.

Does it help ?

Must add though that HA may have different rules / criteria, so you really should get in touch with them.

Joe_Bloggs

There is scheme called Homebuy that is to start on October 2nd. These schemes tend to grind to a halt when the government money runs out. Worth a look though.
J_B.

frivolous_fay

HA = housing association?

It's pretty confusing... who administrates these things? The government, employer, random agency, local authority, something else?

zag2me

Its not confusing at all, just go and see housing association and they explain everything.

frivolous_fay

LOL. Which one?

Local to home, local to work? Are there many housing associations in one area? How do I choose one? I have no dealings with such a company and honestly I don't know what they even do.

emg

When I was looking at one of the NHS keyworker schemes you had to buy within 40 minutes commuting time of your main place of work.

tanith

A young teacher I know went and had a look around one of these schemes but after talking to the person there and adding up all the costs, solicitor deposit etc etc he needed about £8,000 to go ahead , I hope its not like this on all of these schemes....

RHemmings

When I looked into key worker schemes, it seemed that you became a serf of the government. If you changed jobs so that you were no longer a key worker, you had to leave the house or pay a wad of cash to the government. Neither of which would have been affordable. So in effect you were stuck with your key worker career.

lynzpower

Absolutely correct Rhemmings which is why I didnt go for it. Interestingly ot meant for me, I could be a social worker for the GOVERNMENT ie a local authority, but if I wanted to change & be a SW for NSPCC, barnadosk, help the aged, tough luck, have to pay it all back.

izoomzoom

Look my advise is if you are keen on the SO route is to register with as many HA's as possible.

We registered with about 8 HA (not all in the beginning) but it still took us 2 years to get a place.

We are not KW and that did limit us to a certain degree but the benefit of being a HW is that you can choose from the KW and non-KW properties available.