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. There are some private alternatives to the Government's Open Market HomeBuy Scheme, for which key workers should seek mortgage advice to find out more.

Key Worker Mortgages – Advantages
The main key worker mortgages are the shared equity and shared ownership loans. There are one or two alternatives though: With one new mortgage, there is 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
As well as the key worker criteria, there may be a minimum age of 21; and maximum age of 40. There is a very strict list of key workers for whom some of these mortgages are available.

Lenders Specialising in non-HomeBuy Key Worker Mortgages
Scottish Widows and teh co-opertive bank have set their stalls out for Key workers but other lenders also target Key workers with shared equity and shared ownership mortgages

Key Worker Mortgages Advice
If you are a key worker, you can find out all your options by taking mortgage advice. Mortgage advisors will have a host of options for you to consider.

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 Poor, Adverse or Poor Credit Mortgages l Shared Equity Mortgages l 30, 35, 40 Year Term Mortgages

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