If you mention clients with complex incomes, key workers may not always immediately spring to mind. However, as anyone who has seen a payslip of a NHS employee will see, it shows a complex income calculation. And they are not the only key workers whose income may be complex and who will need expert help from brokers.

Key Workers

Key workers have had a much bigger and better profile during the pandemic – and rightly so.  These are skilled clients who work within the public sector – and provide vital services to their communities.

These will include NHS clinicians and nursing staff, ambulance drivers, paramedics, police and firefighters, public sector teachers, college, and university lecturers/professors and those who work for the Armed Forces (Army, Navy and RAF).

It is a long list and with millions of key workers in the UK, they are an important part of the mortgage market and an important source of business for brokers.

Complex Incomes Need Specialist Lenders

Let’s go back to the NHS employee payslip. For many employed people, their monthly payslips do not vary from month to month. For a NHS worker, for example, it is different. Shifts can vary from day to day. There may be overtime, extra pay for working on a Bank Holiday, Saturday or a Sunday or unsocial hours. There may even be deductions for carparking.

In short, a NHS worker’s salary can vary each month and appear complex to many lenders. Add to that, some workers may have second jobs and the complexity extends. For such clients, lending specialists such as Vida can provide real and fast solutions for brokers, because underwriters have the experience to take a view and interpret the information better than a computer or someone used to vanilla cases. Knowledge is key.

What about other key workers?

Okay, not all key workers will have complex incomes, and some may remain in the vanilla camp. However, you may have teacher clients who do nothing but supply work, for example. Or those that do tutoring in the holidays, or exam marking, to get extra income.

The Three Keys

Brokers have the expertise to hold the key for key workers. And it is specialist lenders like Vida that hold the key for many such clients where the income is complex.

Bespoke Products Are Vital

One thing we know at Vida is that the market has changed, and we can’t stand still.  We know that affordability is a new way of creating real products for your clients, giving better solutions than fighting on price alone.

That is why at Vida we created the Key Worker range.

Creating a separate product range for key workers gives greater flexibility in terms of affordability calculations, where clients can borrow up to 5.5 x income with 2 and 5 year fixed rates available.

We believe more key workers will have more complexity of incomes going forward, needing the help of brokers. With our own caring people and cutting-edge technology, Vida are well placed to solve such complex cases.

To view the Vida Key Worker range, visit our Residential product page or download our Key Worker guide.