Mortgage & Property Advice Centre for First Time Home Buyers

First Time Buyers Mortgages

Key Worker Mortgages

Key Worker Mortgages – What are they?

Typically schemes for key workers are predominantly available through HomeBuy, but now other lenders are willing to help key worker first time buyers with key worker mortgages too.


Key Worker Mortgages – Advantages

With this type of mortgage, there can be 100% ownership, so it is not shared equity and there is no share in the profits to pay back when you sell. You can get up to 5x your salary for a single buyer; up to 4.5% if shared. There is a choice of 2,3 and 5-year stepped, fixed and base-rate tracker mortgages. Overtime and bonuses may be taken into account, if regular enough.


Key Worker Mortgages – Disadvantages

There is a minimum age of 21; and maximum age of 40. There is a very strict list of key workers for whom this mortgage is available. Scottish Widows

Mortgage Advice


Lenders Specialising in non-HomeBuy Key Worker Mortgages

Scottish Widows has set its stall out for Key Workers but other lenders also target Key Workers.


Key Worker Mortgages Advice

If you are a key worker, you can find out all your options by taking independent mortgage advice.


Features, advantages and disavantages of specific first time buyer mortgages:

100% Mortgages l Cashback Mortgages l High LTV Mortgages l Graduate Mortgages l Professional Mortgages l Mortgages with Parents l Guarantor Mortgages l Family Offset Mortgages l Mortgages with Friends or Family l Mortgages at University l Rent a Room Mortgages l Affordable Mortgages l Interest only Mortgages l Part Repayment Part Interest Mortgages l Interest-free Start Mortgages l Shared Ownership Mortgages l Key Worker Mortgages l Shared Equity Mortgages l 30, 35, 40 Year Term Mortgages


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Prospects for first time buyers in 2010...

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