Barratt London Extends Deposit Contribution Scheme to More Key Workers

Leading developer Barratt London is extending its deposit contribution scheme to thousands more key workers.

The Key Worker Deposit Contribution Scheme has been extended to include the 37,000 employees and volunteers of the Royal National Lifeboat Institution (RNLI), as well as the country’s 60,000 foster carers.

The scheme, originally launched in 2022 to celebrate the 75th anniversary of the National Health Service, now supports more key workers to afford a new home by helping to pay their deposit.

In addition to support for the NHS, workers in the Education sector, Police Force, Fire Service, Ministry of Defence, Environmental Service, National Highways, Transport Scotland & Transport for Wales, Probation Service, the Local Authority, and the Prison
Service have all enjoyed support to get on to the property ladder, take a step up, or even to downsize.

The scheme means key workers can be offered £1,000 as a deposit contribution for every £20,000 of a home’s purchase price. So, for example, on a home costing £325,000, key workers would qualify for a contribution of £16,250.

As well as the deposit contribution, the housebuilder is also offering flooring, worth up to a further 1% of the value of the home.

Yolanda Jacob, Sales and Marketing Director at Barratt East London, said: “We launched a Deposit Contribution scheme to thank hardworking NHS staff during the pandemic. At our developments across London, we have seen the scheme utilised by key workers
taking their first steps onto the property ladder. Just recently we have seen a rise in doctors enquiring at our Springfield Place development in Tooting, drawn to the proximity to nearby hospitals.

While mortgage rates are starting to come down, many buyers are still struggling to get into a home that fits with their lifestyle. We’re now extending the scheme to include those who do outstanding and selfless work both with the RNLI and foster care services.”

Dave Nicoll, Fundraising Partnership Lead at the RNLI, said: “We are delighted to join this scheme and work with Barratt London to offer RNLI employees and volunteers the chance to buy their own home.”

Barratt London is currently building a range of new homes across the capital, including Eastman Village in Harrow, Ridgeway Views in Mill Hill, Springfield Place in Tooting Bec, Sterling Place in New Malden, Wembley Park Gardens in Wembley, Hendon Waterside
in Hendon, Bermondsey Heights in Southwark, Royal Gateway in Acton and Hayes Village in Hayes.