Key Worker Mortgage
Our Mortgage Service - helping you make the right decision
Why choose our remortgage service?
Fair Mortgages can provide you with a first class remortgage service.
Special features of what we offer include:
Whole of market service - we cover most UK lenders
Great Rates - Access to leading market rates
Exclusive Deals - Access to exclusive remortgage deals not available on high street
Fast turnaround - call us if you need to move fast!
Raising additional finance - If you are looking to raise finance we will look at all your finance options as well as remortgaging.
To investigate your remortgage options call our specialist team on 0117 313 7780 or fill in our call back form.
"The essence of the Fair Mortgages service is professional independent mortgage and protection advice brought to you by a team of specialist advisers and experienced administration support. With the recent changes (long overdue) to the mortgage industry, the message from the Regulator and lenders to the UK public is to get professional advice.
As your mortgage is such an important transaction, good advice is imperative.
Key Worker Mortgage
Key worker mortgages are part of a government scheme designed to aid people who provide vital services, such as; fire fighters, nurses, teachers, social workers, prison officers and police officers to get on the property ladder. These schemes have however become less common due to the creation of other schemes such as Help to Buy.
Help to Buy
Saving up a large enough deposit for a home can be difficult, however a help to buy equity loan mortgage allows a saver to put down as little as 5% of the property price, the Government also contribute a 20% loan to the cost of the newly built home (40% in the Greater London area only) allowing savers to get a 75% Loan to Value (LTV) mortgage to cover the rest. Borrowers won’t be charged any loan fees on the 20% loan for the first five years of owning the property.
The eligibility criteria for an equity loan includes that the property must be newly built, with a maximum price of £600,000. You cannot let the property out and cannot own any other property at the time you purchase your new property.
With a Mortgage Guarantee scheme, lenders can purchase a guarantee from the Government on a mortgage loan for up to £30,000. Because of the guarantee lenders who take part in the scheme are able to offer home buyers mortgages with higher LTVs.
In order to be eligible for a mortgage guarantee; the property can have up to a maximum price of £600,000 however it can be either a new-build or existing home. The borrower must not own any other property anywhere in the world at the time of purchase. The mortgage has to be a repayment plan rather than interest only, the size of the mortgage can be to a maximum of 4.5 times the borrower’s income. This scheme is not available for buy to let property purchases.
You cannot apply for a Help to Buy mortgage deal in conjunction with any of the Government’s other home ownership schemes, such as Shared Equity schemes.
In order to be eligible for the Help to Buy mortgage scheme, you must be a UK citizen or have the right to remain indefinitely in the UK. The scheme only applies to properties in the UK.
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 Fair Mortgages could help you, you can fill in our online contact form to request a call back for a free initial consultation, at a time that suits you. Alternatively you can call directly on: 0117 313 7780