Scottish Widows Bank has expanded its first time buyer range with an offering for key workers as an alternative to the Government's Open Market Homebuy scheme.
The Key Worker Mortgage will allow key workers to buy their own home outright with up to 102% LTV, which will help those who find it difficult to pay for a deposit, according to Scottish Widows Bank.
The Bank can offer income multipliers of 5x salary for a single applicant and 5x + 1 or 4.5x joint salaries.
Richard Clark, head of product development and marketing at Scottish Widows Bank, says: We have launched this product to offer Key Workers an alternative to the existing Government scheme. With the Government recently announcing that they will not be putting any new money into the Open Market Homebuy scheme, we believe that our product will offer a genuine solution for Key Workers, including the opportunity to own 100% of their property.”
The product is also available for key workers aged between 21 and 40 who wish to upsize or remortgage their property.
The key worker range also has a number of rates available including fixed-rates for up to five years, stepped fixed rates and a base rate tracker.
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