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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.”

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