If I’m a Police Officer, can I get a good mortgage deal?
Sometimes Police Officers searching for a great mortgage or remortgage deal can find themselves struggling to get a lender to consider all of their income they earn given their allowances, shift pay and possible overtime. We appreciate this can be frustrating, especially when this means you’re stuck paying rent at a far higher level than your mortgage repayments would be.
In our experience, some lenders can be unnecessarily over-cautious when assessing affordability for mortgages and using the full income received from Police officers, as they often fail to include shift allowances and regular overtime.
Working with an experienced mortgage broker will give you access to more niche lenders, who may have a range of products specifically tailored to you and your circumstances.
Why choose a mortgage broker to help?
Our dedicated team of expert mortgage advisers have experience arranging access to the most suitable lenders in even the most complex of cases.
Whether you’re remortgaging for a better deal, or looking to make a bold move and buy a new home, we can help you find the right lender for you.
What makes a Police Mortgage different?
Police Officers work in unique circumstances, and things like shift patterns and regular – or irregular – overtime can cause some lenders difficulty in factoring how much you can afford to borrow.
Other factors, like having limited free time due to having a hectic working week, and confusion over where to begin and what the best approach to finding a competitive deal is make it important to get professional help in arranging your mortgage.
What different mortgage options are there for police officers?
Just like any other individual, you can look at a range of options from Help To Buy, Shared Ownership, and straightforward residential mortgage options.
Also like any other individual, you are going to be looking for the best possible deal you can find, and you’re highly likely to find that best deal from a small, niche, lender that you would not necessarily consider without professional mortgage advice.
Can I get a Help To Buy or Shared Ownership mortgage as a police officer?
Depending on your circumstances, you should be able to get the right mortgage offer for you no matter how you want to buy your house.
A Help To Buy equity loan lets you buy a new build property with as little as 5% deposit, with a Government loan for an additional 20% meaning you only need a 75% mortgage in most parts of the country. In London, those figures change, so you can get 40% equity loan from the government, still with a 5% deposit, and therefore a 55% mortgage.
Shared Ownership means you need to arrange a mortgage for only the percentage share that you’re buying, typically 25%, 50% or 75%. You will then rent the remaining % from a housing association and potentially buy more from them in the future. This means you need a smaller amount as a deposit and your mortgage repayments will be smaller however, you will also be paying a sum in rent too.
Talk to the experts before you decide which route is best for you, as there are pros and cons of all methods of buying a house and it’s important to take them all into consideration.
What will lenders look at when I apply for a police mortgage?
Lenders have specific things they’re looking at in all mortgage applications, including those for police officers.
- Your regular income – this can include overtime,shifts etc. They’re going to look at your average monthly wage over the past three to six months and take that as a base, so all your hours do get counted.
- The type of contract you’re on – are you a trainee police officer on a training contract, are you a desk sergeant on a regular hours contract….the lender is going to want to know the details.
- How long your contract has been running, when is it expected to end, what were your prior contract dates – they’re looking for continuous employment and continuous earnings
- Your monthly outgoings – can you afford the mortgage repayments?
- Practically, they’re also going to want the basics – ID, utility bills, bank statements etc
Does my income matter when I’m applying for a police mortgage?
In short, yes. Your income is going to have an effect on the amount you can borrow, and therefore an effect on your mortgage application.
Companies are very strict about only lending what you can afford to repay, so they will look closely at your income and proof of income.
Does how long I’ve been in the police force affect my mortgage?
Depending on your circumstances, you should be able to find the lender that’s right for you. Some lenders will prefer you to have a year with the police, some will prefer three years or more, others will consider you with your very first training contract.
Just like all applicants are different, all mortgage lenders are different too. No matter your circumstances, a good mortgage broker who is experienced in specialist mortgages can help you.
Can I get a mortgage with my first police training contract?
There are lenders who will consider you as a trainee police officer, providing you have a contract or contract offer.
An experienced broker will help you to figure out the best path for you to follow.
Can I get a mortgage as a police staff member?
Lots of people work within today’s modern police forces in a variety of roles, from Communications Officers and Project Managers right through to Motorcycle Technicians.
If you work for a UK police force, in any capacity, you could benefit from a mortgage application reflective of your unique circumstances.
It doesn’t matter where in the police force you work, there’s help and advice we can give you to find the right mortgage for you.
Will bad credit stop me from getting a police mortgage?
Some police officers and workers may have the concern that their previous or poor credit history will stop them being able to get a mortgage.
The good news here is that not all credit histories are assessed the same, by the same lenders, and depending on your circumstances some lenders may still be happy to loan to you, even if you have had severe issues in the past such as CCJs or bankruptcy.
It’s always best practice where you may have complicated circumstances to speak to an advisor to discuss your options.