A wide range of housing schemes and support is available for local authority staff seeking a mortgage and a new home. We discuss the options available to local authority workers, including schemes that aren’t often talked about. For further information, don’t hesitate to contact our specialist local authority mortgage advisers.
Government schemes and initiatives
Many of the government’s current housing schemes are designed to help working people get their first foot on the property ladder. One of the biggest obstacles to buying your first home could be saving a deposit, but this doesn’t have to be an issue anymore. Some of the schemes that can help you buy with a minimal deposit are:
- Help to Buy Scheme: This scheme helps you buy with just a 5% deposit. The government provides an interest-free loan (for five years) to help with the rest
- Shared Ownership Scheme: This scheme helps you buy a lesser percentage of a property so you don’t need as big a deposit and so mortgage repayments are lower. You can even increase your share in the property over time!
- Affordable Homes Programme: This programme aims to provide affordable housing to low- and middle-income workers, which could include some local authority staff
- Local Authority Shared Equity Scheme: This scheme is similar to the Help to Buy Scheme with the difference that funding comes from the local authority rather than the UK Government directly
Financial assistance and advice
Several financial assistance packages and advice services can be beneficial to local authority workers. We have rounded up some of these options below:
- Local authorities often include a finance help centre that can provide financial advice and support to their staff, including help with budgeting, debt management, and mortgage applications
- The Local Government Pension Scheme can sometimes provide financial help to local authority workers wishing to purchase a home
- The Keyworker Living Scheme could help local authority workers get a discounted mortgage
- Keyworker Mortgages are offered by some mortgage lenders, providing an exclusively lower interest rate than their standard mortgage products
Choose local authority staff mortgage broker services
Instead of using generic mortgage advice services, prioritise mortgage advice services that have been tailored specifically for local authority workers and the challenges you face in the mortgage market. Local authority mortgage brokers can provide tailored advice and even unlock deals that are exclusively offered to professionals working for local authorities.
Too much to process? Speak with Public Sector Mortgages
There certainly are a lot of government schemes and resources to help local authority workers buy property.
The volume of options can be overwhelming, but you can get clarity and personalised help by speaking with one of our local authority worker mortgage brokers. Call Public Sector Mortgages now for professional and 100% personalised advice.
More information on the schemes above can be found via Money Helper or on the UK Government website.
