Police Mortgages – Where to find them
A career in the police is demanding in many ways – and crucial in keeping people safe. In recognition of the important work you do, some financial lenders provide special police mortgage deals that could help you save money.
What is a Police Mortgage?
You won’t find any mortgages that are specifically for the police force, but there are sometimes unique discounts and rates for people in your profession.
If you want to buy a home, or you need to remortgage an existing property, it’s worth seeing whether a police mortgage could provide a good deal.
In general, special police mortgage offers are available to anyone working for the police force and, often, retirees too. Check your force benefits for a list of the lenders who provide special offers, or you could seek expert mortgage advice from us.
What help is available for Police Officers looking for a mortgage?
As a police officer you might find you are eligible for fee-free loans and preferential rates.
But your job will also qualify you for most standard mortgages, so it’s helpful to compare and contrast the different mortgage options.
The most important consideration when looking for mortgages is that you can comfortably afford your monthly mortgage repayments. Lenders will want to confirm this too, so you will need to prove your income as part of the mortgage application process.
Government home buying schemes to consider
So, you may be able to harness good mortgage discounts from lenders. It could also be worth exploring some of the government support schemes available in England and Wales, which are designed to make it easier to buy a home:
Help to Buy
Two Help to Buy schemes are available on new build homes.
The Equity Loan scheme makes it possible to buy your first property with just 5% deposit, because the government lends you up to a further 20%. You secure a mortgage for the rest of the house price, and the government loan is interest-free for five years.
With Shared Ownership you buy a 25% to 75% share in a home, paying rent on the rest. You can increase the size of your share over time. Shared Ownership is available on many new build properties and Housing Association homes.
Right to Buy
If you live in a council or Housing Association property and have been a council tenant for more than three years, you could potentially buy your current home at a discount. With the Right to Buy scheme the discount can reach £84,200 in most of the UK, or £122,300 in London.
How much can I borrow?
Mortgage lenders will often lend you between four to five times your salary, provided you don’t have a bad credit rating.
Many people choose a joint mortgage, as the lender combines the two incomes as the basis for the loan. This could help you afford a higher priced property.
Working in the police force can mean that you get regular overtime pay. Most lenders will accept this as part of your income, but they might limit the amount to 50-60% of your annual overtime payments. Some lenders are more generous.
The cost of buying a home needs serious consideration. If you are unable to manage the repayments on your mortgage, your home may be repossessed.
How can Yellow Brick Mortgages help?
Our mortgage advisors can be a great help to police officers who are looking to buy a property. At Yellow Brick Mortgages we have helped many members of the force buy a home.
First, we spend time getting to know you, your situation and personal information as well as your property plans. That knowledge helps us seek out the most appropriate mortgage deals and lenders – even if you have blips on your credit score. We’ll come back with a range of options and further financial advice to help you reach your goals.
We are registered in England and an appointed representative of The Openwork Partnership, a trading style of Openwork who are authorised and regulated by the Financial Conduct Authority. That means you can rely on the support offered by each of our mortgage advisers.
Our aim is to take the strain out of finding a good mortgage deal. We do all the hard work for you, so you can stay focused on your day job.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.