Head of Content
Mortgage Advisor & Director
Are there specialist mortgages for Key Workers?
There are some specialist lenders who tailor to key workers.
As key workers tend to have a steady income, a secure role and clear progression opportunities, there are plenty of options available for a key worker looking for a new mortgage! At Teito, we are a whole-of-market independent mortgage broker, meaning that have access to deals not otherwise available to the general public.
If you are a key worker looking for a new mortgage, complete our simple form today to get the process started!
What is a key worker?
A key worker is someone who works in a role that is central to society, including NHS staff, teachers, police officers, firefighters, social workers and defence personnel.
To qualify as a key worker in a mortgage application, you need to
- Demonstrate that there are no affordable homes within commuting distance
- Be a British, EU or EEA citizen - or have indefinite right to stay in the UK.
- Show you have enough savings to pay for the costs associated with buying a home
- Be in permanent employment
- Have no other property
- Have at least five years remaining before retirement
Our advisors can help you understand whether you are eligible - get in touch today.
What Government schemes can a key worker apply for?
Help to Buy Equity Loan scheme
The Help to Buy Equity Loan scheme helps first-time buyers to buy a home. The Government lends you up to 20% of the cost of your newly built home, you put up a deposit of 5% and mortgage the outstanding 75%. In London, the upper loan limit is 40%, with the deposit requirement remaining at 5%. Read more about the Help to Buy Equity Loan scheme.
Right to buy and Acquire
The Right to Buy scheme is for council housing tenants in England, Wales and Northern Ireland. The programme allows tenants to buy their home at a discount. The right to acquire scheme is similar, however, applies to housing association tenants instead.
Rent to buy
The Rent to Buy scheme allows prospective homeowners to pay subsidised rent on a newly built home for up to five years (depending upon the property). During that time, you have to option of buying the property either outright or under a shared ownership scheme.
Shared ownership
The Help to Buy Shared Ownership scheme allows you to own a share of your home, ranging from 25-75% of the value. You will pay rent on the remaining share and will have the opportunity to increase your ownership share. Read more about the scheme here.
Check out our Government Schemes page to learn more about the other types of scheme available.
How can I apply?
Complete our quick and easy online form today to get the process started.
One of our experienced advisors will be in touch to discuss your key worker mortgage.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
Get your mortgage in principle certificate in 5 minutes
Last updated 29 February 2024