Thousands More Key Workers Can Now Afford Homes in Cornwall Thanks to Expanded Deposit Scheme

In a significant boost for key workers across Cornwall, Barratt and David Wilson Homes have announced an extension to their Key Worker Deposit Contribution Scheme.

The expansion now includes 37,000 employees and volunteers of the Royal National Lifeboat Institution (RNLI) and the country’s 60,000 foster carers.

Celebrating NHS and Beyond

Originally launched in 2022 to celebrate the 75th anniversary of the National Health Service, the scheme aims to make home ownership more accessible for key workers. The support has been extended to workers in various sectors including education, the Police Force, Fire Service, Ministry of Defence, Environmental Service, National Highways, Transport Scotland and Transport for Wales, Probation Service, local authorities, and the Prison Service.

How the Scheme Works

The Key Worker Deposit Contribution Scheme offers key workers £1,000 as a deposit contribution for every £20,000 of a home’s purchase price. For instance, on a home priced at £325,000, eligible key workers would receive a contribution of £16,250. Additionally, the housebuilder offers flooring, valued up to 1% of the home’s purchase price.

So far, the scheme has supported more than 2,000 key workers across the UK, totalling around £34 million.

Expanding to More Key Workers

Nicki Reid, Sales Director for Barratt David Wilson Homes Exeter, highlighted the importance of the scheme. “Our Key Worker Deposit Contribution Scheme has already helped more than 2,000 buyers to purchase an energy-efficient home,” said Nicki. “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 with both the RNLI and foster care services.”

Dave Nicoll, Fundraising Partnership Lead at the RNLI, expressed enthusiasm about the inclusion of RNLI workers in the scheme. “We are delighted to join this scheme and work with Barratt David Wilson Homes to offer RNLI employees and volunteers the chance to buy their own home.”

New Developments in Cornwall

Barratt Homes and David Wilson Homes are currently building much-needed new homes for Cornwall at Treledan in Saltash and Pen Bethan, coming soon in Falmouth. As well as the Key Worker Deposit Contribution Scheme, Barratt Homes offers a range of schemes to support you with your new home journey, including the Part Exchange Guarantee.

This extension of the deposit scheme is a welcome development for key workers in Cornwall, offering much-needed financial support to those who provide essential services to the community.