Housing help for London teachers
Teacher retention is a key issue for London schools. Many teachers do not want to settle in London or buy homes here, significantly reducing the number of potential leaders for city schools. Housing costs are a major deterrent, but Key worker living, a new scheme to help with the cost in London and certain areas in the South East, came into effect on 1 April 2004.
Improvements to London pay scales, the introduction of Chartered London Teacher status and other retention measures are encouraging teachers to associate working in London at the peak of their professional careers.
Help with buying or renting
Two buying schemes are available in London under Key
worker living. The Key Teacher Homebuy scheme makes high-value equity
(interest-free) loans of up to £100,000 available for teachers with
potential to be future leaders of London schools. The
scheme is for teachers in London looking to buy
family-sized homes, who are committed to long-term careers in
London schools. Up to 1,000 leaders will benefit from this
Key Teacher Homebuy scheme over the next two years. To be eligible
for the scheme teachers must show potential for leadership, e.g. Advanced
Skills Teachers, Fast Track Teachers, assistant or deputy head teachers or
holders of other leadership positions. Applicants may also teach in a
challenging school. High-value loans are only available to school teachers
in London.
The second scheme is the Homebuy scheme,
and will allow teachers to receive an equity loan of up to £50,000.
This will be available to teachers in London, the
South East and some areas in the East of England.
Teachers and other key workers in London and some areas of the South
East and East will be also able to rent 'intermediate renting'
properties from registered landlords. The rent will be lower than that offered
on the open market.
About equity loans
Equity loans are interest free. You do not repay the loan
until you sell the property or stop being a key worker. At the time of
repayment, you pay back the same proportion of the property's value that
the original loan covered. London teachers would not
pay anything until they stop teaching in
London.
Applying for the schemes
All teachers in state primary, secondary and special
schools may apply for these schemes. The scheme is not open to teachers in
independent schools. There are no LEA allocations or head teacher nominations.
Teachers need to apply to the zone agents appointed to run the scheme.
Applications may be made from 23 March
2004.
More information
For London, contact the zone agent on
0845 300 2820 or visit the Key worker living website. For more information
about the Government's Key worker living scheme and the telephone and
website details for the zone agents for other areas, see our Key worker living page.
