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What is a Police mortgage?
There are no ‘Police Mortgages’ specifically aimed towards those serving in the Police service, or as Police staff. There are, however, specialist lenders who are more accommodating to the needs of Police Officers. They will take into account fluctuating shift patterns and low starting salaries.
What help is available to Police Officers?
Police Officers will have access to the same standard mortgage products as other applicants. However, many will find it difficult to meet the criteria, particularly earlier on in their careers, or as a First Time Buyer.
The good news is, many of the home ownership schemes set up to help applicants who struggle to obtain a mortgage via the standard route, are also available to Police Officers. Whilst the Key Worker Mortgage Scheme ended in 2019, the Starter Home Scheme offers keyworkers another option. There are also a range of other schemes that can help:
Starter Home scheme
This is a fairly new scheme aimed at key workers who are First Time Buyers. You will need to live in England and earn less than £80,000 (£90,000 in London). You may only have access to new build homes in the local authority area that you work in, but the homes are discounted to 30-50% of the market value.
Help to Buy (currently closed)
This Scheme was available to all First Time Buyers and provided a government loan of 20% (40% in London) of the property cost, towards your deposit. You would need to provide a 5% deposit, meaning that you’d have a total of 25% (45% in London). This would lower your Loan to Value borrowing to 75% and 55% respectively. The Loan on the 20% was interest free for five years.
The 2021-2023 Help to Buy Equity Loan Scheme closed to new applications at 6pm on 31st October 2022. All eligible homebuyers had to legally complete by 31 March 2023.
Right to Buy/Right to Acquire
If you already live in a housing association or council property, depending on where you live, you may be able to buy it at a reduced rate. This option varies regionally between different local authorities and is now only available in England.
Shared Ownership allows you easy access to the property ladder by buying a share of a property from 25% to 75%. A housing association usually owns the rest of your home. Therefore, you will need to pay rent in addition to the repayments on your mortgage. The repayments and loan will be fairly low, however, depending on the size of your ownership. You can also increase ownership over time, in increments as low as 1% at a time.
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We’ll take care of all the heavy work. From finding the right mortgage product and providing you with a detailed quote, to submitting the mortgage application on your behalf and guiding you right through to the completion of your mortgage.
How much can I borrow as a Police officer/Police staff?
Mortgage lending isn’t based on your job title. Although stable career choices, such as the Police force, will be favoured by lenders in terms of reliability of ongoing income.
The loan itself will depend on how much you earn vs your outgoings, as well as your credit score. Applicants can expect to borrow between three and five times their income. With those who have bad credit being offered a multiple at the lower end of the spectrum.
Those specialist lenders who are more Police friendly lenders may be able to offer you a higher multiple of your income than high street lenders.
Will a mortgage lender take overtime or second income into account?
Some Mortgage Lenders, especially those who specialise in mortgages for Police Officers and staff, will consider overtime pay and a second income.
If you do plan to use overtime payments in support of your mortgage application, it can be helpful to provide evidence of six months or more of continued overtime.
You can also use other additional income sources to support our application, such as regular benefit and maintenance payments.
How can Mortgage Broker Services help Police and Police staff find a mortgage?
At Mortgage Broker Services, we specialise in providing mortgage advice and guidance to those serving in the UK Police force. We can ensure that you approach those Police friendly lenders who are most likely to be able to help you and make sure that the mortgage deal you are offered is the most competitive available for your circumstances.
We understand that your chosen career can make it difficult to find the time for lengthy meetings and the administrative burden of a mortgage application. That’s why we’re happy to work around your shift patterns and make ourselves available to suit your needs. We can minimise the stress and admin for you, making the path into your new home a stress-free one.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.