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Key Worker Mortgages: What are the options?

As a UK key worker, you can often find special deals and discounts on products and services – including mortgages. We can help you explore these deals as part of our service.

Who is classified as a key worker?

Key workers are people who do essential jobs for the UK. The roles that are classified as key include NHS staff,  police officers, fire fighters and teachers. Key workers also include people in the armed forces, agricultural workers, local authority employees and those working in the justice system. 

The specific definition of a key worker might vary depending on the context.

What is a key worker mortgage?

At present there are no official, government-led key worker mortgage schemes – although this is an idea that has been explored by parliament in the past. 

But many mortgage lenders do offer special offers and discounts to people in key worker roles. These deals can include reduced fees, preferential rates and relaxed lending criteria. 

Whether you are eligible can depend on the lender’s view of key worker roles. Some mortgage providers include Doctors in NHS mortgage discounts, for example, while others do not. 

Mortgage Brokers can help you identify the deals that apply to you. On applying for the mortgage you will need to supply proof of your job via your staff ID or payslips.

What Government schemes support key workers?

It’s well known that key workers can find it challenging to buy a home, particularly in London and other big cities. The government has introduced various schemes to make it easier for First Time Buyers and key workers to secure a mortgage and get on the property ladder. 

These include:

Help to Buy Equity Loan

The Help to Buy Equity Loan is now purely for First Time Buyers purchasing new build homes. A Government loan boosts your deposit from 5% to 25%, reducing the monthly repayments on your mortgage. The loan is interest-free for five years. 

Right to Buy 

Right to Buy is a scheme for people living in council properties and it entitles you to buy your home with a discount. The longer you have been a council tenant, the bigger the discount, with the maximum amount reaching £84,600 (or £112,800 in London). 

The first step in using your Right to Buy is to contact your local authority to discover the discount you are entitled to. 

Shared Ownership 

Shared Ownership is a way to part-buy, part-rent a home. You start out with at least a 10% share in a home, paying rent on the rest. You can increase the owned share of your home over time. A mortgage Advisor can help fund the bought proportion of the property.

First Homes 

Announced in 2021, this is a new government scheme introducing cheaper homes all over the country. First Homes will become increasingly available over time, with the first housing development launched in Bolsover, East Midlands. 

Local authorities help to decide who buys these homes and will prioritise key workers. 

First Homes are sold with a discount of 30% on the market price, saving buyers an average of £70,000. In some areas the discount could reach 50%. 

The discount applies to these homes forever, as it will apply every time the property is sold in future.

How can a mortgage broker help me?

Comparing all the options can be time consuming and complicated. Mortgages by McAteer are here to help you look into the key worker options that could work for you.

We will explain the suitable government schemes and explore the mortgage options on your behalf, comparing mortgage rates, criteria and fees to recommend suitable deals. Plus, we don’t just offer mortgage advice: we’re on hand to support you at every step of the way, from the mortgage application process right through to completion. We deal in all kinds of property loans including Buy to Let mortgages – and we can also help you with mortgage protection.

Mortgages by McAteer Ltd is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority. We are registered in England.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS. SOME BUY TO LET MORTGAGES ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

Customer Reviews

Key-Worker Mortgages

We are first time buyers and unsure of how the mortgage process works. Russ offered fantastic support, explaining every stage and was always on hand to answer any questions. As my partner is newly self employed we were not an easy case and Russ went above and beyond to ensure he secured our mortgage offer. Russ is very knowledgeable and honest, I’ve already recommended Russ to many friends and when it comes the time to remortgage we won’t be going anywhere else.

Key-Worker Mortgages

Would highly recommend Mortgages by McAteer. When I requested a quote they were quick to respond and I booked an appointment very quickly. Russ worked hard to find us the best deal and throughout the process any queries were replied to very quickly. The process was stress free for me. Would highly recommend Russ and the team.

Key-Worker Mortgages

Full professionalism. Proper advice and help from first step to the end. Lee know what he doing and thanks to his experience every single question you ask can be answered with honesty. You not afraid you deal with somebody who don’t know what he doing or not sure. I can recommend him to anybody whatever your situation is.

Key-Worker Mortgages

After struggling to secure a mortgage elsewhere we spoke to Mortgages by McAteer and they were absolutely amazing. Russell has been so helpful and helped us secure our dream home. He’s been fantastic from start to finish and kept us well informed all the way through. I would recommend this company to everyone, great service.

Key-Worker Mortgages

Lee McAteer was highly professional and friendly from the first meeting till the end. Highly responsive and always available. We were first time buyers and our case was relatively different from normal, Lee made us feel very comfortable and got everything organized in a timely manner. Even after mortgage was approved, Lee continued to support us to connect with the solicitors and estate agent to make sure everything is progressing as planned. I highly recommending their service. It was value for money in my case. Thanks again Lee.

What will you have to pay us for our services?
For finding and arranging a mortgage, a one-off fee of £495 is payable on application. We may charge a fee up to £995 for more complex cases, this fee will be agreed prior to application. We will also receive commission from the lender.

Mortgages by Mcateer Ltd is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Mortgages by McAteer Ltd is registered in England & Wales no. 1222611. Registered Office at 82a Lytham Road, Fulwood, Preston, PR2 3AQ.

The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers in the UK.

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