View more on these topics

Loan firms set sights on key workers

Specialist lender BM Solutions and packager The Mortgage Partnership are offering a key worker mortgage to help teachers, nurses, firefighters and health workers get on the housing ladder.

The product will be available across the UK but is primarily targeting hotspots such as London, where affordability is an issue for key workers on relatively low salaries.

The loan allows up to four applicants to pool their resources – one applicant can be from any profession – to widen the option for borrowers willing to share a house with friends or colleagues.

The key worker mortgage rate is bank base rate, currently 3.75 per cent, plus 1.95 per cent for the life of the loan and allows an income multiple of 2.5 times the joint income of up to four borrowers.

Any amount between £25,001 and £250,000 can be borrowed up to a maximum loan to value of 90 per cent. Introducers get a procuration fee of 0.35 per cent.

TMP managing director John Mawdsley says: “There is a huge untapped market of key workers looking for opportunities to get on the housing ladder. We do not believe there are any products like this in the marketplace.”


This year&#39s model

The final nail has been well and truly hammered into the coffin on polarisation with the publication of CP166.Yet, while a depolarised world undoubtedly offers many opportunities for IFAs, providers and customers, it brings developments that have already attracted criticism.But the changes are positive for IFAs. A year ago, there was real uncertainty and the […]

&#39Flat-rate second pension to close gap&#39

The ABI is calling for urgent reform to the state pension by introducing a flat-rate second pension that it claims would lift state provision above the minimum income guarantee.It warns that without fundamental change, the gap between basic state pension and the pension credit will increase, leaving up to 82 per cent of pensioners on […]

Rovers and out…

At last Corrie&#39s evil IFA Richard Hillman has done the decent thing and driven into the Weatherfield canal in what looked like a Metro, surely not a suitable car for an IFA, even a serial-murderer IFA, but what a shame that Gail got out. I suppose she looks so much like a fish that she […]

Industry is top for business lunches

Financial services professionals spend more time having business lunch than any other profession, according to a survey by restaurant chain Pizza Express.The survey found that people in the financial services industry attend business lunches or dinners an average of 45 times a year, narrowly ahead of media workers, who average 42.But despite famous lunchers such […]

The Investment Clock: Keep calm and Macron!

Trevor Greetham, Head of Multi Asset In a marked contrast to the surge in risk sentiment that followed President Trump’s election in November, markets greeted Emmanuel Macron’s victory in the French presidential election with satisfaction and relief, rather than euphoria. After rallying strongly on opinion polls that accurately predicted the outcome, the euro held onto […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm