If you are a public sector worker, you are playing a fundamental role in helping our society function. To honour this, you may be able to access special first-time buyer discounts for public sector workers.
Mortgages for NHS workers
While there is no specific NHS mortgage, some providers and developers offer public sector workers discounts and other incentives. Some public sector employers may provide housing for their staff, such as near hospitals or schools.
First Homes for public sector workers
Since February 2022, the government’s First Homes scheme has helped first-time buyers purchase a property for 30% to 50% less than its market value. While this scheme is not limited to public sector workers, some councils will prioritise key workers and offer discounts, especially in areas with high rents.
To be eligible, you must:
- be 18 years or older
- be a first-time buyer, so you have not previously owned a property in the UK or abroad
- not earn more than £80,000 a year before tax (£90,000 if you’re in London)
- be able to get a mortgage for at least half the market price of the home
The property must not cost more than £250,000 (or more than £420,000 in London) after the First Homes discount is applied.
You may also be eligible for First Homes if you are a member of the Armed Forces, a former spouse, civil partner, or widow of a member of the Armed Forces, or a veteran who left the service up to 5 years ago.
If you want to apply for First Homes, contact the estate agent or developer you’re interested in buying from and say you want to apply for the First Homes scheme. They will then check your eligibility and help you complete your application, which will then be submitted to the local council. You’ll get your money back if the application is unsuccessful.
Shared Ownership
If you cannot afford all of the deposit and mortgage payments for a property that meets your needs, then the Shared Ownership scheme allows you to buy a share of the property and pay the rest as rent to your housing association, local council, or other organisation acting as the landlord. Your share of the property will be between 25% - 75% of the full market value, and you pay the landlord rent for the share that they own.
To be eligible, your total household income must be less than £80,000 (£90,000 in London), and you must not be able to afford the full mortgage deposit and payments. If several people make an offer on the same property, your offer will be prioritised if you are a member of the Armed Forces.
Right To Buy
This scheme offers council tenants the opportunity to buy their home at a discount, as long as:
- it’s your only or main home
- it’s self-contained
- you’re a secure tenant
- you’ve had a public sector landlord for 3 years (like a council, housing association, or NHS trust)
Are you a public sector worker looking to buy a home for the first time? Get in touch with our advisers on 03454504660.
