Keyworkers offered access to lower mortgage rates

Keyworkers offered access to lower mortgage rates
Keyworkers who have helped the UK through Covid-19 have been added to Swansea Building Society’s list of professionals who can benefit from lower mortgage rates.

Bank workers, delivery drivers, military personnel, pharmacy workers, mail carriers, utility workers, farmers, truckers/lorry drivers, grocery shop workers, carers and medical workers such as paramedics are all now on the building society’s list of those who are eligible for enhanced mortgage rates.

Workers who already qualify for Swansea’s professional mortgages include solicitors, architects, engineers and accountants.

Alun Williams, chief executive at Swansea Building Society said: “The staff in the NHS did an incredible job but there were also many other keyworkers in different industries that worked through the pandemic. We wanted to do something that recognised their efforts and felt that adding them to our list of professions eligible for our Professional Mortgage product was the right thing to do.”

Professional mortgages, as the name suggests, are usually designed for highly qualified professionals and may offer more favourable terms than standard mortgages. This is because these workers are considered to have job security and a solid career path. This type of deal sometimes allows those eligible to borrow more than they could via a standard mortgage, although applicants will still have to prove to lenders that that monthly mortgage payments are affordable. Swansea, for example, allows professionals to borrow up to 5.5 times their annual income.

Other lenders offering a tailored approach

Swansea is not alone in offering higher income multiples to key workers. Kensington Mortgages’ ‘Hero Mortgage’ range, for example, enables NHS clinicians, including paramedics and nurses, teachers, armed forces personnel, firefighters and police to borrow up to 5 times their income. Each application is individually reviewed, and Kensington offers flexible lending criteria, which takes into account both overtime and income from second jobs.

Other lenders which offer a tailored lending approach to those working in certain professions include Clydesdale Bank, Metro Bank and Scottish Widows Bank, which provides specific products to applicants practicing in a range of different careers, including teaching, optometry and engineering.

Teachers Building Society has a range of teacher-exclusive mortgages available to teachers, teaching assistants, nursery nurses, child therapists and lecturers. The building society may be prepared, for example, to offer a teacher a mortgage early in the summer, even if they are not due to start a new teaching role until the start of the new academic year in September.

If you’re not sure whether you’re eligible for a professional mortgage or want to discuss which mortgage options are available to you based on your individual circumstances, seek professional advice. A broker can discuss your requirements and recommend the best deal to suit your needs.

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