Key Worker Mortgages

Kenzii

My better half is completing her training to be part of Met Police in the next few months, we are looking to move in together towards the end of the year once we have some money aside to pay the legal fees.

I contacted onlinemortgageadvisor.co.uk to see if there were any limitations for the key workers mortgage but have been advised that no key worker mortgages are available at present and advised the following:

I Have just spoken to one of the advisor and they said currently lenders favour the help to buy scheme rather than key worker mortgages. Currently there are no key worker mortgages on the market, but some great products for buyers with a small deposit and key worker professionals. Currently it is possible to obtain a 95% mortgage and borrow the 5% for your deposit on a personal loan with a specialist lender at high street rates, if you have a good enough credit scored and income.

But having requested information from the police regarding key work schemes and finding plenty of websites none of which say it isnt available I'm confused as to what our situation currently is?

(we are still waiting on the information from the police, this will only come throguh when the warrant card does which is a month or so away)

kingstreet

Help To Buy - Mortgage Guarantee (more 95% mortgages).

Help To Buy - Equity Loan (10% or 20% loan from Government to increase deposit - newbuild only).

Help To Buy - Shared Ownership (buy a potion of a property, rent a portion. Newbuild or existing resale. Buy the remainder later).

These are the basic Government-sponsored options available today. There may also be S106 (local/specific) property available from time to time.

I'd start with your HTB Agent for the area and local Housing Associations about Affordable Housing options;-

http://www.helptobuy.org.uk/equity-loan/find-helptobuy-agent

Kenzii

So from the website: onlinemortgageadvisor.co.uk/mortgages-for-professionals/mortgages-for-key-workers/

and primarily this bit:

Key Worker Living scheme (KWL) | CURRENT SCHEME
The KWL initiative also aims to facilitate key workers on lesser incomes tackle the high cost of housing in certain areas of the country (Note: Wales and Scotland have different schemes). This scheme however, includes supporting workers with both purchasing and renting property, identifying that not all key workers necessarily want to, or are in a position to buy, even with the support of the scheme. KWL also supports loans for workers that are moving home or upsizing, as well as first time buyers.

Is out of date? It sounds similiar to the help to buy option you mentioned but we were mainly banking on the 'we pay your deposit' type situation.

Kenzii

I suppose my main confusion is what is a key worker mortgage? as this seems the same as everyone else can get.
Thanks for your replies.

pickles13

Kenzii wrote: »

My better half is completing her training to be part of Met Police in the next few months, we are looking to move in together towards the end of the year once we have some money aside to pay the legal fees.

I contacted onlinemortgageadvisor.co.uk to see if there were any limitations for the key workers mortgage but have been advised that no key worker mortgages are available at present and advised the following:

I Have just spoken to one of the advisor and they said currently lenders favour the help to buy scheme rather than key worker mortgages. Currently there are no key worker mortgages on the market, but some great products for buyers with a small deposit and key worker professionals. Currently it is possible to obtain a 95% mortgage and borrow the 5% for your deposit on a personal loan with a specialist lender at high street rates, if you have a good enough credit scored and income.

But having requested information from the police regarding key work schemes and finding plenty of websites none of which say it isnt available I'm confused as to what our situation currently is?

(we are still waiting on the information from the police, this will only come throguh when the warrant card does which is a month or so away)

What info have the police said they'll give you when the warrant card comes?