Key Worker Mortgages:

Mortgage Advice for Key Workers

• Nurses
• Teachers
• Police Officers
• Prison Staff
• Social Workers
• Fire Fighters

From October 2006, Open Market HomeBuy will help people to buy a home by offering equity loans of around 25% of the value of the property, alongside a conventional mortgage.

The equity loans are partly funded by the Government through a HomeBuy Agent and partly by the mortgage lender.

The equity loans are interest free for the first five years, which means your monthly payments are lower. In return, the lender takes a share in any increase in the value of the home if and when you decide to sell your home or repay the equity loan.

You will need to be able to raise 75% of the purchase price of a home which has to be arranged with one of the approved mortgage lenders joint-funding this scheme and the money will be lent on conventional mortgage terms.

Different lenders offer different products and you are advised to discuss which is best for you with your Smaart Associates Advisor. After the first five years you could be charged interest on the lender's equity loan.

Current lenders offering Open Market Mortgage Schemes include:

Bank of Scotland, Halifax, Nationwide and Yorkshire Building Society.

Further information about the home buy scheme can be found in the following PDF Guide:

Open Market Homebuy Financial Services Authority Fact Sheet

To discuss your mortgage requirement with a professional adviser, call us free on 0800 756 9556.

Before applying for a mortgage or remortgage it's important that you understand what your existing commitments are and how much you can afford in repayments for your mortgage.

Your Smaart Associates Adviser will help you establish a budget for your new mortgage but to get started please try using our online budget planner.