Ways that Key Workers can bridge the mortgage gap

The years of ‘one mortgage to rule them all’ so to speak, that homeowners had no choice but to accept forty/fifty years ago, actually seems like another world, particularly when we consider how many people do not fit in that very narrow banding of who was deemed worthy of lending back then.

Even with all the progress made in terms of moulding a lending/product offering to different borrower demographics, many people still find themselves ‘surplus to requirements’ by the high-street lending fraternity. One of those demographics for which, years ago, it would have seemed unfathomable that they wouldn’t be able to secure the mortgage finances they need from banks and building societies, is Key Workers. It’s fair to say they are the heartbeat of their local and regional communities, and given the nature of the work, the certainty of employment for many, the pay structure, etc, three to four decades ago, there would have been little issue with them walking into their local branch and getting a mortgage.

View our Key Worker Proposition here

For a number of years, we’ve offered a similar proposition for Professionals – those who are likely to see their incomes rise throughout their careers and who are again in strong and stable employment, but who might not be at that level just yet. For us, as with Key Workers, Professionals are a strong credit risk and it is often by taking an individual approach to underwriting with such borrowers, that you can see just how strong their finances are, how they are able to meet these payments going forward, and how they are likely to progress in their careers. Whether they are first-time buyers, home-movers or those looking to remortgage, we know that many Key Workers are undoubtedly excellent mortgage credit risks, however using traditional income multiples from the high-street can only get them so far. Our range comes with an enhanced loan to income (LTI) for those who fit within eligible Key Worker professions, because there is that need to provide that extra lending support for many borrowers.

Take a look at our Key Worker eligibility

This is what a specialist residential lender should be doing, and for both Key Workers and Professionals, there has to be a recognition of their housing needs, where they want to live, indeed where they need to live, in order to keep on working in those sectors which are so vital to the functioning of our society.

*This article was originally published on Mortgage Introducer 

Check out our residential affordability calculator

FOR INTERMEDIARIES ONLY