Key Worker Scheme Mortgages
This is a mortgage specifically for key workers such as teachers, doctors, nurses, fire crew and police. If you're a key worker and you have been awarded a grant to put down as a deposit then your options are very straightforward.
All you have to do is find out how much you can borrow on your salary, add the grant on top and then you'll have the value of the property you'll be able to buy.
Working out how much you can borrow...
The amount you can borrow will be around 4 times your income with some lenders sometimes stretching to lend you 5 times your income. So if for example your salary is £25,000 and you have been given £30,000 as your key worker grant then you'll be able to borrow £100,000 and putting the grant on top means you can buy a property up to £130,000 in value.
Some lenders will treat the key worker grant like a deposit and will offer you a normal mortgage like if you were putting down the deposit from your own funds.
Other lenders will put you on a key worker scheme mortgage specifically sometimes referred to as shared equity where they acknowledge that the grant is acting as a deposit and offer specific products.
Both ways are fine, even in the second instance you still have a wide option of lenders with very good interest rate mortgages.
Since this is a bit specialised, I would recommend you fill in an enquiry form to discuss key worker mortgages specifically for yourself.
To speak to someone regarding a key worker mortgage click here.