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Key Worker Scheme - UK

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  • 08-01-2008 8:40pm
    #1
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,218 Mod ✭✭✭✭


    My girlfriend lives in England and is applying for this.

    Key Worker Scheme

    What the programme offers

    If you are eligible, the Key Worker Living Programme means that you can get help with home ownership if you:

    * are a first time buyer
    * are a homeowner and need to buy a larger property to meet your household needs (eg family sized homes)
    * need to take part in shared ownership schemes
    * need to rent at affordable prices.

    The scheme is only open to a specific keyworkers in London and the South East and East of England.

    Peronally I think this is a great idea.

    What do people think of it compared to what we have on offer here?


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Its 3 different programmes- broadly speaking-

    1. Assisted purchasing- you get a 25% mortgage from the council at reduced rate, and 75% mortgage on the open market. All 100% must eventually be paid back.

    2. Shared Ownership- you buy 25% of the equity in a new build and pay rent on the remaining 75% indefinitely.

    3. Social Renting- landlords provide banks of properties to local councils who take care of them and their tenants for a long term period (typically 10-20 year contracts are available). Rent charged to people is generally midway between open market rates and reduced rates paid by social welfare recipients.

    To be honest- its geared at putting a roof over people's heads, more so than encouraging property ownership (which is the big difference between the Irish schemes and the UK ones). Its geared at Public sector employees who quite simply cannot live locally to their jobs on their salaries (particularly in the South East)- and is a recognition of this fact- rather than a hand-out to try and get people on the property ladder.

    Its also extremely limited in that only certain subsets of groups of employees are eligible to apply (e.g. Police Officers in some areas are eligible, in other areas are not- ditto teachers and prison officers).

    If you have to live in a certain area- its a lifesaver, but its by no means the piggybank that the Irish system is.


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    #3
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,218 Mod ✭✭✭✭godtabh


    As far as I know its only available in London and the South East.

    The girl friend applied for it after talking to her father and so doesnt know the full details but it does sound very interesting.

    What do you mean about the piggybank that the irish system is?


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    #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    kearnsr wrote:
    What do you mean about the piggybank that the irish system is?

    What I meant is that between the favourable tax treatment for FTB, affordable housing, shared ownership schemes etc- that Irish people view the different schemes as assistance towards owning property- not as assistance towards putting a roof over their heads. Look at the number of people who hav just bought their first properties here on Boards- looking for advice on renting it out- its more than just the odd person. Its a different perception.


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    #5
    godtabh
    Moderators, Science, Health & Environment Moderators Posts: 23,218 Mod ✭✭✭✭godtabh


    smccarrick wrote: »
    What I meant is that between the favourable tax treatment for FTB, affordable housing, shared ownership schemes etc- that Irish people view the different schemes as assistance towards owning property- not as assistance towards putting a roof over their heads. Look at the number of people who hav just bought their first properties here on Boards- looking for advice on renting it out- its more than just the odd person. Its a different perception.

    OK get you know.


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