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As a key worker, did you know you could access more competitive mortgage products from some specialist lenders? Below, we look at the types of rates and enhanced criteria you could access.

Mortgage lenders are always looking for innovative ways to better support borrowers and offer more competitive mortgage products. As a borrower, it’s essential you know what types of mortgages are available on the market; it may be that you could access a better deal from a specialist lender than from a Highstreet bank.

As an example, some lenders now offer lower rates and enhanced criteria for key workers. Whilst there are currently only a handful of lenders in this market space, as a keyworker you could save money on your next home purchase or remortgage. It’s always worth exploring all your options with a broker first to find the right mortgage deal for you.


Enhanced Mortgage Lending for Key Workers

To support key workers, two specialist lenders now stress test borrowers against a higher income multiple. Put simply, this means you’ll be able to borrow more from your lender.

When assessing affordability, lenders typically allow you to borrow up to x4.49 the total applicant(s) income. However, with these products, lenders offer a much more generous income assessment.

For example:

One lender allows key workers to borrow up to x5.49 your total annual income. While the mortgage interest rates for these products are not the lowest available on the market, in some circumstances the ability to borrow more is more important. As product pricing changes frequently, speak to us to see what type of rate you could access.

This lender accepts the following as key workers:

  • Police officers
  • Armed Forces (Army, Navy, RAF)
  • NHS clinicians (e.g., nurses, paramedics, etc.)
  • Teachers
  • Lecturers
  • Firefighters


Competitive Mortgage Rates for Key Workers

Additionally, as a key worker, you may be able to access mortgage rates at a reduced price from some lenders. These products may offer cashback or free valuation incentives to attract more borrowers.

Again, it’s worth reviewing all your mortgage options with one of our experts to see which deal is right for you.


Mortgages for Qualified Professionals

Furthermore, these specialist lenders also offer qualified professionals an enhanced affordability assessment. Covering a range of occupations, you could borrow up to x6.49 your income, significantly boosting your property search and overall affordability.

Some of the accepted professions include:

  • Doctors
  • Pilots
  • Architects
  • Engineers
  • Actuaries

Eligibility will vary depending on your individual circumstances, and the lender may ask to see your relevant qualifications. Speak to one of our homebuyer brokers to learn more.


How to get started

If you’d like to see whether one of these mortgage products is right for you or to discuss your next home mortgage plans, then please get in touch with our homebuyer experts. Our friendly mortgage makers have a thorough understanding of the full application process and can answer any questions you may have. Plus, with whole of market access, you can be confident that you’ve secured the right mortgage for your individual needs.

Call us on 0345 345 6788 or submit an enquiry here to chat to an expert.

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