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Mon 26th October 2009
Key Worker Loans
Are you a Key Worker?
Do you know someone who is?
The Key Worker Living Programme is a £690 million government initiative that offers financial help to public sector workers to buy or rent a home close to where they work. Already this should be helping many nurses, teachers and other "key" workers who may otherwise struggle to afford accomodation in certain parts of the country.
For Bedfordshire and Cambridgeshire, the funding is processed through the Keyhomes East housing trust.
The help is available in different forms, including equity loans, shared ownership and discounted rents. The amount of loan available to each individual depends on a number of factors such as income, assets and financial commitments. Subject to this, the loan may be up to 50% of the purchase price. Naturally, terms apply as to repayment but there is usually an interest-free period first (typically five years), followed by discounted fixed interest rate charges.
Workers who may be eligible for help under these schemes include: nurses and other NHS clinical workers ; teachers in schools, further education and sixth form colleges ; police officers and some civilian staff in some police forces ; prison and probation service workers ; social workers, educational psychologists, planners (in London) and occupational therapists employed by local councils ; full-time junior fire officers and retained fire fighters.
Keyhomes East can be contacted care of Bedfordshire Pilgrims Housing Association, Pilgrims House, Horne Lane, Bedford MK40 1NY, telephone 0845 456 6757 or email info@keyhomes-east.org.uk.
We can take care of the legal work for you if you need our help too!Please contact our Property Team by telephone on 01234 400000 or email nfeazey@pwhmllp.com
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