Key Worker Mortgages

While there have been mortgage schemes aimed specifically at key workers in the past, if you’re looking for one in 2024, you might need a bit more guidance. 

There are a range of homebuyer schemes available to, and even, in some cases, favour key workers. Here we look at how to get the best key worker mortgage deal, which schemes are available, and how to compare them.

Do key workers get better mortgage deals?

There are lenders that recognise the value key workers provide to society, as well as the job security status compared to other careers through certain perks. These can range from discounts to more flexible terms, but vary from one lender to the next and are certainly not a given. 

Speaking to a mortgage broker, like ourselves, who specialise in mortgages for key workers, can help you to source those lenders offering the best deals to key workers.

Which professions qualify?

While the most obvious key workers, such as emergency response and healthcare professionals are typically considered to be key workers by everyone, other key societal roles are not always universally recognised. 

It’s, therefore, possible that not all lenders will consider all types of key workers for their specialist deals. However, if you’re employed in one of the below roles, it’s highly likely that some lenders will consider you to be a key worker:

• NHS employees - not necessarily only doctors and nurses, this can include cleaners and porters as well as administrative staff in some cases
• Firefighters and staff
• Teachers and professors
• Police and law enforcement professionals
• Armed forces employees
• Prison and probation staff
• Social care staff
• MOD employees
• Certain local authority employees

Certain applicants that fall under the key worker umbrella, certainly doctors, for example, may also qualify for professional mortgage products. Speak to one of our team if you think that this may apply to you.

What perks are available?

Perks range from one lender to the next, but may include:

• Discounted interest rates
• More flexible eligibility criteria
• Ability to borrow a higher multiple of your income (to increase loan size)
• Property builders may also offer perks on new build homes purchased by key workers, such as discounts or cashback after purchase

As well benefitting from certain lender offers, as a key worker there are also a range of assisted home buyer mortgage schemes that you’ll qualify for, and in some cases, be prioritised for due to your career choice.

Schemes you could apply for

There are a range of schemes you could apply for, particularly if you’re a lower paid key worker, which could help you to get onto the property ladder sooner. These are predominantly government schemes, however, in recent years, home builders have also recognised that many UK buyers need additional help to secure a home in today’s market.

The First Homes scheme - this scheme actually prioritises key worker applicants, although anyone can apply. It provides new-build homes in marked developments which are sold at a discount of at least 30% on market value for the area. The homes can then only be sold to other eligible buyers, so the discount is passed on

The shared ownership scheme - this scheme is provided by housing associations across the UK, although rules can differ slightly between each of the devolved nations. Broadly it gives you the opportunity to buy a percentage of a home (starting with 10-75%), rather than the entire thing, reducing both the deposit requirement and the monthly repayments needed

Right to buy/right to acquire - these schemes are available through certain local authorities or housing associations. They both allow for current tenants to purchase their rented home at a significant discount, which varies depending on how long their tenancy has been

This is not an exhaustive list of schemes available in the UK, please speak to one of our advisers for further guidance.

How to get an exclusive deal

The best way to secure an exclusive deal is via a broker with experience in key worker mortgage products. At Teito we’re able to highlight those schemes you’re eligible for and which will be the most beneficial to your needs and preferences.

We can also sometimes source broker-exclusive deals that you wouldn’t find on the open market. So no matter whether you’re employed or self-employed, whether you’re certain you qualify as a key worker, or need more guidance, we can help you to find and compare the best key worker mortgage deals available.

You could also consider our online comparison service, which allows you to compare the deals available to you independently. However, ensure you’re confident in the type of deals you qualify for before submitting an application.

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Are there specific mortgages for NHS staff?

There is some confusion among NHS staff, as there was once an NHS key worker mortgage scheme available in the UK. However, this scheme ended in 2019, and while there are other schemes NHS staff can apply for, there are currently no dedicated NHS mortgage schemes available.

However, you may qualify for a professional mortgage deal if you work in one of the following areas of the NHS:

• GP surgeries
• Ambulance Trust
• NHS Direct
• National Blood Transfusion Service
• Primary Care, Mental Healthcare and Social Care Trusts
• Dental practices with NHS status
• Health Protection Agency
• Other NHS trusts

Why can NHS personnel struggle to get a mortgage?

There are many diverse roles within the NHS. Some of the challenges that NHS personnel can face when applying for a mortgage include:

• Irregular hours and income can make it difficult to demonstrate to a lender that you have a stable salary. 
• NHS workers on a low income can struggle to borrow the full amount they need.
• Some NHS staff work on a temporary contract which can cause problems for lenders. 
• Being self-employed creates additional challenges in demonstrating a secure and stable income. 
• Gaps in employment, particularly if you are working as a locum doctor or nurse. 

The good news is that there are brokers who specialise in arranging mortgages for NHS professionals and they can often access exclusive rates and deals for them - get in touch to speak to one today.

Which lenders offer the best incentives?

There are a range of lenders offering key worker incentives, however, the best deals will depend on what you’re looking for and your individual circumstances. 

There are a number of lenders signed up to the First Homes scheme, for example, such as Halifax, Nationwide and Leeds Building Society. The Hero Mortgage scheme by Kensington Mortgages offers an income multiple of 5 times salary to key workers. HSBC, on the other hand, accepts applications through the Forces Help to Buy scheme.

Why choose Teito for your key worker mortgage?

As a key worker there are many potential avenues into home ownership, whether that’s using a specific scheme or by taking advantage of some of the perks offered to you through mortgage lender deals. At Teito, we can ensure that you consider all possible options available to you and decide which most closely match your needs and circumstances. 

We also offer your first consultation entirely free of charge and there’s absolutely no obligation to proceed with us. With 5-star reviews from our customers across review platforms and broker-exclusive deals available, can you afford not to give us a try?

Get started here to compare rates and deals for free and speak to a broker who specialises in key worker mortgages.