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Does anyone know (or can point me in the right direction) of the best company to speak to regarding key worker housing?


My partner and I are looking to buy our first home and know he is eligible for this scheme but don't really understand how it all works, in terms of shared ownership/shared equity etc (too much jargon)


Really looking for an idiot's guide about how it all works and what's available to us. I have tried googling but am getting more confused by the minute!


thanks! :)

Try Tower Homes, they were doing it a couple of years ago for sure.


"Key worker housing" as it was say 10 years ago isn't quite the same now. Pretty much anyone can qualify, but the schemes are not always that great when you actually look at what you'd end up paying out each month.

Yes, in the budget there was talk of 2 seperate things.


As I understand it (but need to do some more research)


1. Gov loans to help you buy new build properties. Think they basically pay a 20% deposit on the place, and own that stake. You then pay them off gradually.


2. Support with mortgages for buying any property, I think the idea is that you come up with 5% deposit (still ?10k on a ?200k place), and they put in 15%.


As I say, I need to do more research, and I'm not sure these schemes are in effect yet.

The "grant" for first time buyers isn't enacted yet, it was in the recent Budget. If it does go through it will, in simple terms, give you a much wider range of mortgages with just a 5% deposit (very hard to get at the moment).


If you do look at shared ownership, do be aware that you will probably not be allowed to rent the property out, so if you decide to move, you may have to sell it at a loss (whereas if you owned outright, you could rent it out and keep the property). This may not be a problem depending on how settled you are.

The biggest problem you will have is the mad amount of information on the subject! Once you get the basics it's fairly straightforward, and a good purchasing solicitor will guide you through the rest.


Have a read here for starters: http://www.moneysavingexpert.com/mortgages/house-buying-guide

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