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Q.
When can I start looking for a property? |
A.
If you decide to use a key worker scheme, it is a good idea
to start looking at what’s available and how much you think
it’ll cost. Do not make any firm offers as you need to be
accepted on to a scheme first through you local housing association.
|
|
| Q.
I have already applied for a key worker scheme a long time
ago but have heard nothing. How long will it take to receive
any funding? |
A.
In most areas funding is allocated by local recruitment priorities
and not on a first come first serve basis. The housing associations
will contact you when there is availability. |
|
| Q.
I currently own a property with my wife but we are going through
a divorce. Our house will be sold. Am I still eligible for
the open market HomeBuy scheme? |
A.
If you have to sell your home as a result of a divorce, your
application is likely to be considered in the same way as
a first time buyer. You will need to inform the housing association
of how much you expect to receive from the sale. |
|
| Q.
I live in Britain and have a work permit. Am I eligible to
apply for the any of the schemes? |
A.
You need to have at least ‘Indefinite Right to Remain’ status
to be considered. If you are a key worker from outside the
EU, you may still be eligible to apply for the Intermediate
rent scheme. |
|
| Q.
I have no idea about mortgages or whether this is something
I can afford. What should I do? |
A.
Fill in the form to the right and a qualified key worker mortgage
advisor will call you back and explain everything to you. |
|
| Q.
I purchased a house through the Open Market Homebuy scheme
and I am thinking about changing jobs. How would this affect
me? |
A.
If you change to another key worker job your arrangement will
be unaffected. However, if you are no longer a key worker
you will have a period of 2 years to repay the equity in your
property to the mortgage lender and housing association. This
may involve sale of your property. New Build HomeBuy will
allow you 5 years to repay the equity loan. |
|
| Q.
Am I allowed to make improvements to my home? |
A.
If you wish to make structural alterations to your property
you must have written agreement of all parties involved in
the shared equity. You will be required to pay for a valuation
before and after the changes have been made. |
|
| Q.
Am I eligible if I have bad credit? |
A.
If you have bad credit you will not be able to borrow a key
worker equity loan, however we can still help you to get a
mortgage up to 7 times your income without an equity loan. |
|
| Q.
What if we earn too much money? |
A.
To be eligible you must have a household income of less than
£60,000. |
|
| Q.
I want to purchase with my husband but only one of us is a
key worker. |
A.
Only one applicant needs to be a Key Worker to apply for the
scheme. |
|
| Q.
I work in Liverpool, am I eligible? |
A.
The government have only set aside funding for London, the
south and east of England. Some other regions run their own
schemes for key workers but you would need to contact your
local authority. |
