Mortgages for Key Workers - Southampton, Hampshire, National

A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.


Key Worker Mortgages

At Alexander Southwell mortgages we aim to become to the ‘Go-To’ mortgage broker for all key worker clients looking to buy or remortgage their property. We understand that as a key worker you are very busy, working long hours, juggling shift patterns and looking to find a work-life balance. That is why you want someone who specialises in key worker mortgages to make sure you are getting the right mortgage for your situation.


Like any other borrower, key workers are approved for mortgages based on your ability to repay the loan so all of your income and expenses are considered. Previously there have been preferential rates and specific programmes and schemes available to make the process of purchasing a home more convenient. While currently there are not a huge amount of schemes available offered by the government or building developers, this is forever changing and we would hope that sometime in the future there would be more house purchasing schemes available again.

All key workers can take advantage of our Fee Free Mortgage Broker Servic e.  One of our dedicated mortgage brokers will take you through the whole process and will help secure the most suitable mortgage and protection products to you, and there is no cost from start to finish.

What makes you eligible to be a keyworker mortgage?

The applicant must be employed in one of the following types of jobs:

  • Teacher/Lecturer (school’s colleges or further education such as university)
  • Local government  (Officer, Social worker)
  • Police officer or police administrative staff worker
  • Fire fighter
  • Prison officer
  • Nurse, Paramedic or other NHS staff

What are the best alternatives other than specific key worker mortgage products?

Aside from specific key worker mortgage schemes, the government has rolled out the following to aid people to get on the property ladder:

Help To Buy

This is the government scheme designed to encourage first-time buyers and home movers to buy, and to boost life back into the housing market. This scheme is for newly built properties only and allows the purchaser to buy with just a 5% deposit, whilst giving them a further 20% equity loan so they only require a 75% mortgage. 
The mortgage rate is therefore cheaper as it is lower risk to the lender, and the equity loan is charged at 0% for 5 years. In the 6th year, interest starts at 1.75%, and then increases annually by the RPI+1%. The total effect results in much more affordable borrowing in the short term and the ability to purchase a property with a small deposit.

Shared Ownership

This is the purchase of a share of a property owned by a social landlord, housing agency or an employer. You can usually purchase a minimum of 25%, on which you pay the mortgage and on the remaining share you pay rent. Visit our page for more on mainstream shared ownership. As a key worker, with annual salary increases it could be possible for you to purchase more share by staircasing either in increments or outright to 100% if affordable. Meaning you can buy your home now, allowing you to own a property to then purchase more throughout the years eventually owning it outright.


Right to Buy

Offers council housing tenants the opportunity to purchase their property off the local authority. Often with significant discounts which can act as increased equity in the property upon application.


Why use a Key Worker Mortgage Broker? – Southampton, Hampshire, National

Whatever sort of mortgage you are interested in you may find that using an independent mortgage adviser could help, as well as being able to offer their clients impartial mortgage advice, an adviser that offers a whole of market service can use their knowledge of the industry to search for products from a range of different providers to try and find their clients the best deal available to them.

To find out if Alexander Southwell Mortgages could help you, fill in our online contact form to request a call back for a free initial consultation, at a time that suits you.

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