The product offers up to four applicants the ability to pool their resources. A maximum of one of the applicants can be from a general profession – widening the options for key workers who may want to share a house with friends or colleagues from the private sector.
The Key Worker mortgage rate is Bank of England base rate plus 1.95% for the life of the loan and allows an income multiple of 2.5 times the joint income of up to four applicants. Key workers can borrow anything from £25,001 to £250,000 up to a maximum loan to value of 90%. There are no redemption penalties and it also offers £500 cash back.
John Mawdsley of The Mortgage Partnership, said: “ The product is specifically designed to address the house purchase aspirations of key workers. Rather than offering very high income multiples to a single applicant, we can offer up to four applicants the possibility of pooling their resources – enabling them to get on the housing ladder without over-stretching their finances.”
