Are there mortgages specifically for firefighters?

If you’re a firefighter and you’re looking to buy a home or to remortgage, then it’s worth knowing that there are many UK mortgage providers offering mortgages to firefighters. It’s not just the High Street lenders, as the more specialist lenders will also be keen to offer mortgage deals to public sector key workers such as firefighters.

How do I find out about specific mortgage deals?

Bearing in mind that unless you appoint a mortgage broker to work on your behalf and find you the best possible deal, you could miss out on all the specialist lenders; the best way to get yourself a great mortgage deal is to work with a mortgage broker who can access a wide variety of products across the market.

There are a wide variety of specialist lenders in the UK who offer specific mortgage products for firefighters (and many other types of key worker), with products designed to meet the specific needs of people of work in this field.

But unless you work with a mortgage broker who’s experienced in looking for specialist mortgages across all sectors, how will you know that you’re finding the best mortgage deal for you?

Unless you work within the mortgage industry, you won’t know about some of the exclusive deals not available through high street lenders, and therefore understanding which firefighters mortgages might be best for you can quickly get confusing.

What will I need to qualify for a firefighters mortgage?

If you’re a working, or retired, firefighter in the UK then you should definitely explore a specialist firefighters mortgage when you’re ready to remortgage or buy a new house.

In the same way as applying for any type of mortgage, there’s certain things your mortgage broker is going to want to discuss with you first:

  • They will want to know the amount of money you want to borrow
  • They will want to know how much deposit you have, and where the deposit money has come from
  • They will want you to narrow down the type of property you wish to buy
  • They will want to know about your recent and past employment history
  • They will want to see your credit rating (you will need to get an account with one of the credit score companies and be willing to share the info with the broker)
  • They will want to know in some detail about your income, and your regular weekly and monthly outgoings

Once your mortgage broker has all of that information,they’ll be able to advise you on what deals and offers are available to you.

What can I do if I’m a firefighter who’s struggling to get a mortgage?

Firstly, it’s always best to not make too many applications too quickly as this will damage your credit rating as each application shows as a search by a potential lender on your credit report.

Secondly, get in touch and let us look at your circumstances and give you bespoke, tailored advice. We can only really speak in generic terms until we speak to you to tailor our advice for your needs.

Can I get a great mortgage deal as a firefighter?

Technically speaking, firefighters can apply for the same range of mortgage products as the general public, from interest only mortgages to repayment and fixed-rate deals. However, you may need a specialist lender who understands more about your specific industry, including your specific pay/hours working structure.

You do have the potential advantage that being a firefighter means you are widely considered by most lenders, including some of the mortgage lenders out there, to have steadier earning potential and more job security than someone working outside the public sector. Because of this perception of the security of your industry, some specialist lenders may offer mortgage deals which could let you borrow up to five times your income.

Your mortgage broker will be able to give you the best advice for you, and after examining your personal circumstances will be able to ensure you’re getting access to the best possible deals.

How much money can I borrow with a firefighter mortgage?

Obviously your personal circumstances are going to be the largest deciding factor here.

A trainee firefighter won’t be earning as much as a 10-year veteran, and a retired firefighter will have different circumstances to take into consideration again.

So your earnings, your length of service, your current position, your present career trajectory are all going to be taken into consideration as lenders decide how much you can borrow.

Ultimately, no-one can borrow more than they can afford to repay these days, so your borrowing power is going to be linked to your earnings and your monthly outgoings at the time of your application.

How do I get a firefighters mortgage?

You need to find a mortgage broker who specialises in firefighter or key worker mortgages (we do, contact us now), so that you don’t miss out on any great deals from the smaller or niche lenders operating within the UK marketplace.

If I’m a firefighter with a bad credit history can I still get a mortgage?

Depending on circumstances and your financial history, it may still be possible to help you.

There’s fairly simple things you can do to build up your credit rating in advance of making a mortgage or remortgage application, such as: –

  • Know your credit score and credit history. Sign up to one of the credit history providers and get looking at your report.
  • Correct any mistakes on your credit report – no company is perfect, and there may be errors on there that you can correct and/or have deleted.
  • Make sure you’re on the electoral register. You can keep your details private to prevent them being sold on, but you must make sure you register as this has a surprisingly large impact on your credit score.
  • Pay off any small sums owing.
  • Bring up-to-date any late payments or bring your account balances down to below their maximums.
  • Stick to your regular monthly payments for a six-month period, paying extra where possible.
  • Make the payments on time, don’t be late.

After doing this for a six-month period, and after following the advice in the first few points above, your credit score should have improved somewhat.

With an improved credit score, you can go back to your mortgage broker and see if you can get an improved offer or better deal thanks to your hard work.