To meet the housing needs of key workers within Norfolk and Suffolk, Orbit First Step offers this important scheme. Key Workers in Norfolk and Suffolk have been identified as:
- Health Care Workers
- Health Care Assistants working in cancer services or diagnostic support
- Teachers in Schools, Sixth Form Colleges and Further Education Colleges
- Local Authority employees working as Social Workers, Educational Psychologists and Occupational Therapists
- Probation Staff
If your occupation is listed above, you can apply
online now
or download the application form to complete manually later.
Your
Questions Answered
What is a Key Worker Equity Loan?
If you meet the lending criteria you may qualify for an equity
loan. Each application will be judged individually based on personal circumstances
and the amount of loan will vary. Instead of making monthly repayments
on the loan, it is repaid when the property is sold or the key worker
leaves their qualifying form of employment. The amount to be repaid would
be equal to the percentage of the purchase price that the initial loan
covered.
I work as a Nurse for a private Nursing Home; do I qualify as
a Key Worker?
No, under this scheme all Key workers must be employed in the
public sector by the NHS, Primary Care Trust, County or Local Council.
Do I have to live in Norfolk or Suffolk to qualify?
No, but you do have to be in full time permanent employment within either
Norfolk or Suffolk.
I live and work in the UK but am not a UK national. Am I eligible?
Applicants for the scheme must be UK Nationals or have “permanent
leave to remain in the UK” (sometimes referred to as “settled
status”). Irish Nationals and people from member states of the EU/European
Economic Area may also apply if they are currently living and working
in the UK.
Property where I work is very expensive and I could not afford
to purchase there even with an equity loan of £50,000, can I buy
outside of the County?
Yes, providing you buy a property within reasonable travelling distance
to work.
What is a reasonable travelling distance?
As a rule, reasonable travelling distance will be a maximum of
45 minutes from home to work. However, in cases where this did NOT apply
we would make a judgement based on individual circumstances.
What is the minimum salary requirement?
There is no minimum, but you must be able to demonstrate that
you can afford mortgage repayments, rent and household bills.
Is there a maximum income limit?
Yes, the household total income must not exceed £60,000
Am I eligible if I already own a home?
Yes, if you meet the rest of the criteria you could receive help
if you require a bigger home for your family needs. You will need to sell
your existing property prior to completing on the new property.
What happens if after purchasing a property with the help of
a Key Worker Equity Loan I need to move to a larger home when I start
a family?
If you still meet the eligibility criteria you can sell the first home
and carry forward the help you received to buy a bigger home.
My Partner is also a key worker, will we each receive a grant
for the same property?
No, financial assistance towards purchasing a property is limited
to one amount per property.
Can I use any type of Mortgage Lender?
Your mortgage must be acquired from a building society, a bank,
a friendly society or an insurance company (if in doubt please contact
OFS before arranging your Mortgage)
How long will I have to wait before my application is assessed?
If you are applying to purchase a property via the Key Worker
Equity Loan, we will assess your application quickly and tell you if you
are eligible to proceed with an application but funding cannot be agreed
until we have received all relevant information.
By providing the following supporting documentation along with your completed Application Form will help to speed up the approval process:
- Proof of your income, either by your last three months’ payslips or a letter written by your employer proving income. If you are joint applicants this will apply to both of you.
- Proof of savings, or means to pay solicitors and legal fees during the property purchase. This can be a photocopy of your bank/building society account or similar.
- An indication of your ability to obtain a mortgage. This should be in the form of a certificate from a mortgage company. A Bank/Building society will provide this free of charge.
- If you are not obtaining a mortgage, please will you send proof of savings.
We are unable to confirm when or if, you will receive an offer of Shared Ownership or Key worker rented: It is dependant on when or if a housing provider has properties available that meet your criteria e.g. choice of areas, correct number of bedrooms, and if you meet their criteria, particular key worker group.
Will you have to contact my employer?
Yes. We will need to contact your employer to confirm details
of your employment. We will not discuss any personal details with your
employer and they will not be able to nominate you.
Once I have received an acceptance of my application how long
have I got to find a property?
Contracts should exchange on the purchase within a period of
4 months.
Can I purchase a Mobile Home with the Equity Loan?
No. The property must be freehold or have a lease of at least
60 Years.
I have recently been in rent arrears; will this be a problem?
Yes, if you have been in rent arrears within the past 12 months
your application will be rejected.
What happens if the house I want to buy costs more than the valuation
price? Will I still get financial help?
Funds can only be used where the grant is calculated on the value
of the home (the valuation used will be that on the Homebuyer’s
Survey). The cash shortfall between value and the price will need to be
met by the purchaser without resorting to further secured borrowing over
and above the mortgage.
I am a single person what size property can I buy?
You can only purchase a property with a maximum of two bedrooms.
When and how do I repay the loan?
The amount repaid by the key worker is the equivalent percentage
of the value of the property at the time of the resale. For example, if
£40,000 is provided as an equity loan and that represents 25% of
the value of the property (assuming a £160,000 purchase price),
when the property is sold 25% of the sale proceeds (ie the value of the
property at that time) is returned to the zone agent who provided the
equity loan. The value of the loan is repaid with any associated capital
gain on sale or within two years of the key worker leaving their qualifying
form of employment. If you do not wish to move but want to own 100% of
your home you can have an independent valuation by an RICS qualified surveyor
and repay the relevant percentage back to Orbit First Step.
Can I repay the loan in instalments?
No. You must repay the sum due in one instalment.
Will there any tax implications associated with the Key Worker
Living programme?
In most cases there will be no tax liability, but if there is
it will be a very small one. We recommend that you check with your local
tax office.
What happens if I leave my qualifying employment?
There are “claw back” arrangements in place.
For Key Worker living Homebuy, on sale or transfer of the property or within two years of leaving the qualifying employment the equity loan must be repaid to OFS. The amount repayable will be the same percentage as borrowed. Claw back arrangements are included within the Homebuy charge document.
There are exceptions; claw back rules do not apply for the following:
- Retirement
- Redundancy
- Leave with employer’s permission. (Health grounds)
- Death in service (a matter for probate)
- Career break for 12 months or up to 3 years in exceptional circumstances.
For Key Worker schemes the same exceptions apply as above, however if you cease to be a key worker you have to notify your Registered Social Landlord (RSL) within 7 days of leaving your employment and either purchase the remaining share of your home or sell your lease to someone nominated by your RSL within two years of leaving your employment.
For Key Workers who hold a tenancy in an Intermediate Rent scheme if you cease to be a Key Worker the tenancy will be terminated. Market rent will be charged from the next payment period after leaving your employment until the property is vacated. In the following circumstances you would not be required to terminate your tenancy but full market rent would be charged:
- Retirement
- Redundancy
- Leaving with your employer’s permission, for example on the grounds of ill health.
- The Housing Corporation would consider other exceptional circumstances.
How do you prioritise applications?
On a first come first served basis from the point at which we
have received all required documentation to allow us to make you a formal
offer.
What should I do now?
You can apply for a Key Worker Equity
Loan online now
Howards Affordable Homes East Anglia UK T: 0845 38 90 456
