Fire Service Mortgages

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Fire Service Mortgages
Fire Service Mortgages

Are there specific mortgages for those working in the fire service?

Whilst you have access to the same wide range of mortgage products available to everyone, some Mortgage Lenders are more accommodating to the needs of those in the fire service. It can be difficult to find high street lenders in this niche, however, we can point you in the right direction.

As a firefighter, you may be eligible for special mortgage deals and discounts that are sometimes offered to those in key worker roles. Again, finding specialist lenders who cater to applicants in your career will be best placed to offer you this type of benefit, and we can help you with this.

How do you qualify for a firefighter mortgage?

Mortgage acceptance criteria are fairly standard across all areas of employment, but will vary depending on the lender and the specific mortgage product chosen. Most lenders will be concerned with your affordability and credit score predominantly. 

Seeking mortgage advice prior to your application can be helpful, as we can tailor the advice. Broadly, however, you can expect to need the following to qualify for a Standard Residential Mortgage:

  • A deposit – minimum of 5-10% of the sale price
  • A good credit score
  • A provable income from permanent employment

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

There are a number of Home Ownership Schemes available in the UK, which are intended to provide assistance to those struggling to get onto the property ladder, key workers in particular:

Help to Buy

The Help to Buy mortgage scheme is aimed at First Time Buyers in England. It gives borrowers access to a government equity loan towards the deposit requirement on a new build home. Loans are up to 20% outside of London and 40% in London, although you will also need to provide 5% of your own money towards the deposit.

Shared Ownership

Those on lower incomes can purchase a share of their home. Under the updated 2021 scheme, it’s possible to purchase between 10% and 75%. You can then increase ownership over time. 

This mortgage type will have significantly lower deposit requirements and repayments on your mortgage, as you will only need to borrow a percentage of the purchase price, although you will also be liable for rent owed to the housing association offering the scheme, for the remainder of your home.

Right to Buy

This is aimed at local authority tenants, allowing them to purchase their rented home at a significant reduction of the market value. The discount increases the longer you have lived at the property, however, you will need to have lived in some manner of local authority housing for a total of three years prior to application. This is also subject to regional availability.

Mortgage Guarantee Scheme

This new scheme allows any creditworthy applicant to obtain a 95% Fixed-rate mortgage for any property in the UK. 

First Home Scheme

As a firefighter, you will be given priority for this scheme, alongside other key workers. Also available to First Time Buyers, it allows you to purchase a new build home in your local authority area at a discount of at least 30% and up to 50%. This scheme is being rolled out regionally, so there may or may not be houses available under this scheme in your area. Ten thousand additional homes of this type per year are expected between 2022 and 2026.

Speak To An Expert

We provide professional, friendly and accessible advice and support throughout the mortgage application process, and are able to offer recommendations and referrals to trusted conveyancing and estate agent colleagues too.

How much can I borrow working in the fire service?

Whilst career choice has less of an influence on your loan amount than your overall income and affordability, many Mortgage Lenders will favour the stability of those in public sector roles, such as firefighters. 

A typical applicant can expect to be offered a loan equal to a maximum of four and a half times their annual income. If you approach a lender who is sympathetic to the needs of firefighters, however, it could be possible to access a loan of up to five times your salary.

Do I need three months of payslips to get a mortgage as a firefighter?

If you are employed directly by the Fire Service on a PAYE contract then you will need to provide payslips to cover at least three months in support of your mortgage application. It’s a good idea to ensure that your payslips are up to date with the relevant shift allowance and overtime payments, if applicable.

How can a Mortgage Broker help me?

Here at Mortgage Broker Services, we can help you to access those lenders who are sympathetic to the needs of firefighters. We can review your circumstances to ensure that you find the most appropriate deal, whether that be through a Home Ownership Scheme or a more traditional route. 

We understand that you are in a busy and demanding role, and, as such, make ourselves available to suit you. We can take on much of the administrative burden of your application and provide updates at a time convenient to your shifts.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.