Keyworker Mortgages

What is the keyworker mortgage scheme?

The Keyworker Living Programme offers financial help to key public sector workers to enable them to buy or rent a property close to where they work.

It is a government scheme to help key workers such as those employed in education, health and emergency services who would otherwise struggle to afford properties in designated areas of the country.

There are three types of Keyworker Mortgages :

A Homebuy Loan up to £50,000 towards a house or flat.

A Higher Homebuy Loan up to £100,000 mainly for senior teachers in London.

A Shared Ownership Loan mainly for purchasing at least 25% share on a new property.

Sounds good so far, how do I get one?

The procedure involves finding a property you are interested in and then arrange a conventional mortgage for 75% of the value and once this has been agreed with the Lender you can then apply for a Homebuy Mortgage to cover the remaining 25% of the property.

To find out if you are eligible for this programme you need to be a Key Worker for the government and contact a Zone Agent in the area you work to see if funds are available and whether you can apply for a Loan.

Any other info?

When you wish to sell the property you have to repay back 25% of the present value of the price you sell, so if you manage to sell the property for more than you bought, the profit you make after you repay the 25% is yours to put down on a future property.

If you stop being a key worker for any reason then the loan stops and is repayable.