ResidentialFeb 11 2021

Mortgage lenders extend key worker products

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Mortgage lenders extend key worker products
Credit: Lynne Cameron/PA Wire

Buckinghamshire Building Society and Reliance Bank have extended their mortgages designed for key workers.

Buckinghamshire Building Society expanded its mortgage aimed at emergency service workers to properties across England and Wales, following its launch in Buckinghamshire in October.

The building society offers two ‘care’ products to borrowers where one applicant works for the NHS, police, fire, ambulance or air rescue services.

A three-year fixed rate comes at 3.79 per cent, and a three-year discount mortgage at 3.49 per cent (a discount of 1.25 per cent from the lender’s SVR). Both are available up to 90 per cent LTV

Gerard O’Keeffe, chief executive officer at 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 be able to give back in this way.

“Our brand philosophy is to give back and these products do just that.”

Reliance Bank meanwhile made changes to its key worker mortgage range by raising the maximum loan amount to £750,000.

The bank also added a two-year fixed rate at 90 per cent LTV for next-time buyers, starting at 3.59 per cent.

Gareth Byrne, head of mortgages at Reliance Bank, said: “The bank continues to support key workers with a range of mortgage requirements, and we have also listened to our intermediary partners with the introduction of a new two-year fixed rate 90 per cent LTV key worker mortgage exclusive product.”

Kevin Dunn, director at Furnley House, said more lenders in the 90 per cent LTV market were welcomed.

But he added: “We'd recommend getting independent advice from a whole of market broker, as there may well be better, more suitable products available for our amazing emergency workers than this niche offering.

“There are currently a number of lenders and products in this space that are available to all, including emergency workers, who have a 10 per cent deposit and a clean credit record.”

chloe.cheung@ft.com

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