Key Worker Living Programme

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Key Worker Living Programme

The Key Worker Living Programme is a £690m government initiative that offers financial help to public sector workers to buy or rent a home close to where they work. This could be a great help to many nurses, teachers or other 'key' workers who may otherwise struggle to afford accomodation in certain parts of the country.

The help is available in different forms such as:

• Homebuy - equity loans of up to £50,000 towards property purchase
• Higher Homebuy - equity loans of up to £100,000 for some teachers in London - future potential leaders of London's education system
• Shared ownership schemes for new properties
• Intermediate renting - rent costs are fixed between levels charged by private and social
  

The current OpenMarket HomeBuy scheme, which is available to key workers who can afford 75 per cent of the value of a home, is superseded by a new scheme in April 2008.

Under the new scheme, mentioned in the 2008 budget, equity loans can be up to 50% of a property's purchase price and the loan is only repaid when the property is sold, at 50% of its value at that time.

The amount of the loan available to each indivdual depends on a number of factors including household income, assets and financial commitments.

Those who may eligible for help under these schemes include:

• Nurses, other NHS clinical workers
• teachers in schools, further education and sixth form colleges
• police officers and some civilian staff in some police forces
• prison and probation service workers
• social workers, educational psychologists, planners (in London) and occupational therapists employed by local councils
• full-time junior fire officers, retained fire fighters

Click on the links for more details of the schemes in the various areas or for help and advice from one of our experts, please click on our Mortgage Enquiry Form above and one of our advisers will contact you. Alternatively, you can give us a call on 0845 108 0505.

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