74% of keyworkers worry they’ll never get on housing ladder

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property prices

Research commissioned by lending specialist Vida Homeloans examining keyworkers attitudes to home ownership has found that 74% of keyworkers worry they won’t ever be able to own their own home given increasing house prices and the rising cost of living.

Furthermore 94% of keyworkers surveyed who are looking to get on the housing ladder don’t believe that they can get a mortgage at the moment, while 25% believe it will be at least 5 years before they consider applying for a mortgage.

Even then, just over a third believe it will not be possible for them to obtain a mortgage to buy a property in the area they want to live.

The cost of living crisis is having a clear impact on key workers, with 22% of those surveyed responding that they are struggling financially, and on average they are left with £130 of disposable income left each month.

Worryingly just under 50% of keyworkers say they have considered changing careers so they can earn more money to save for a house/afford their mortgage, a number which rises to 59% among those aged 18 to 34.

However 50% of those surveyed aren’t fully aware of all the potential options that are available to them to help with buying a home, highlighting the importance of speaking to a financial adviser.

The research was compiled by research agency Opinium and 2000 keyworkers from across a range of industries were surveyed.

Since its’ inception Vida has strived to ensure it has a strong product range and service offering which makes a real difference to customers and brokers.

This reflects Vida’s aspiration to consistently deliver a first-class experience and provide a great range of product options for broker’s clients and help them get their lives moving. 

Vida has developed a mortgage offering designed specifically for key workers.

They can apply for a mortgage up to five and a half times their annual income at 90% loan to value (LTV).

In addition to this, there will be a discount on the product’s initial rate and no product fees ultimately making buying a new house that little bit more achievable for those working in critical public sector roles.

Commenting on the research, Anth Mooney, CEO at Vida said:

“Keyworkers were the backbone of this country through the last two and a half years, and it is really concerning to find that 74% of them worry that they will never be able to own their own home.

It is also particularly worrying that nearly 50% of these people who perform vital roles are actively considering changing careers in order to buy a home.

If the pandemic has taught us anything it is that we need these people, and the vital services, they perform.

It is clear that quite a few of these incredible people feel cut out of traditional mainstream lending and this is why Vida decided to launch a bespoke offering for keyworkers.

I would really urge anybody who is looking to get on the housing ladder to speak to a mortgage broker who will be able to help them”.