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