Lenders expand mortgage offerings for key workers

Two major UK mortgage lenders have announced that they are extending their products created for people working in front line emergency services during the COVID-19 pandemic.

Buckinghamshire Building Society initially launched two mortgage products that were targeted at those employed by the emergency services in Buckinghamshire last autumn. Now, it is expanding the reach of those products so that they will be available to people working in those professions across the whole of England and Wales. To qualify for either of these mortgage loans, one of the applicants must be employed in air rescue, ambulance, fire, police or NHS service jobs.

The two products are a discounted three-year loan with a rate of 3.49% and a fixed rate three-year loan with 3.79% rate. Both of these products are available for those with a maximum 90% loan-to-value (LTV), and give borrowers a 1.25% discount compared with the usual Standard Variable Rate (SVR) product from the building society.

Reliance Bank has also improved its offer to key workers, increasing its top loan available to £750,000 and providing a new fixed rate two-year product for them at a LTV of 90%, and with rates beginning at 3.59%.

Speaking to FT Adviser, Gerard O’Keeffe from Buckinghamshire Building Society said:

“After what has been an incredibly challenging year for our NHS and emergency services, we are delighted to be able to give back in this way.”

Those working in these jobs will welcome this news, and it opens up another potential area of the market for advisors with the CeMAP qualification.


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