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Mortgages For Police Officers and Police Staff
What is a Police Mortgage?
As a member of the UK police force or police staff, your mortgage options are largely the same as those available to anyone else. There is no one specific mortgage product that is intended for police, however, there are Mortgage Lenders who are more sympathetic to the pressures and working patterns synonymous with your chosen career path.
What help is available
Although the Key Worker Mortgage Scheme was dissolved back in 2019, there are still home ownership schemes that can be helpful to police officers and police staff, particularly First Time Buyers.
Help to Buy
The Help To Buy Scheme allows First Time Buyers to borrow up to 20% (40% in London) towards their new home. You need to provide the first 5% yourself and the loan will make it up to a maximum of 25% (45% in London) so that you only need a mortgage at a 75% Loan to Value rate, making it both easier to obtain and more affordable. For more information: https://www.helptobuy.gov.uk/
Right to Buy/Right to Acquire
This scheme can be useful to those who live in a housing association or local authority property. Where available, it gives you the opportunity to purchase the home you rent at a price considerably below market value. This is not available throughout the UK, however, and each housing provider has its own criteria, so if this applies, it’s certainly worth checking whether it’s available to you. For more information: https://www.gov.uk/right-to-buy-buying-your-council-home
The Shared Ownership Scheme is a helpful solution for those on lower incomes, particularly if you are struggling to save for a deposit. It gives you the option to purchase a percentage of a property, usually between 25-75%, through a housing association. Only having to provide a mortgage for a percentage of the property price will not only make it more achievable, but it will also reduce the deposit required and repayments on your mortgage considerably. You should bear in mind, however, that you will need to pay rent on the remainder of the property owned by the housing association. For more information: https://www.helptobuy.gov.uk/shared-ownership/
How much can I borrow?
How much you can borrow is based on your affordability and credit score. Each lender also has its own lending criteria, so there is no set amount attributed to your job title.
A typical mortgage applicant can expect to borrow around four times their annual salary, however, higher multiples are sometimes offered to those with a higher income and/or better job security. As policing is respected and seen as a trusted career option by many mortgage lenders, you may find that lenders allow you to borrow a higher multiple of your annual salary, in some cases, up to six times your annual income.
As the average income for a police officer in the UK, unfortunately, being lower than the national average, utilising the low-risk nature of your job type to achieve a higher loan can be very helpful. For example:
The starting salary of a UK police officer is approximately £20,000, so
- At a multiple of four times the salary = borrowing of £80,000
- At a multiple of six times the salary = borrowing of £120,000
The longer you have worked for the police force, the amount you can borrow will increase due to both moving up a structured pay scale and a reduction in risk as a result of career stability.
Will a mortgage lender take overtime or second income into account?
Some mortgage lenders will be willing to consider the income that’s additional to your salary when calculating your loan amount. Those most likely to offer this option are mortgage lenders who regularly supply mortgage solutions to those working in the police force or in a police staff role.
Overtime is more likely to be considered where it is consistent, so being able to show that it’s been a regular income source for six months or more will help. Income from additional jobs may also be included with your overall income, where it is consistent. Other sources of income that may be considered are benefits and maintenance payments.
How can The Mortgage Mum help police and police staff to obtain a mortgage?
At The Mortgage Mum, our brokers specialise in helping key workers like yourselves to obtain the most suitable mortgage deal. We will consider every aspect of your personal information and circumstances carefully alongside a wide range of lenders to ensure we find those who are most likely to be able to help you.
We can take care of the administrative aspect of the application process for you and work around your shifts and availability. We understand how busy you are and how important the service you provide is, so in return, we want to provide you with the smoothest path possible into your new home.
The Mortgage Mum offers a special incentive for NHS workers and Emergency Personnel. It is our way of saying THANK YOU for all that you do. Please enquire for details.
We can also offer you a full free review of your life insurance, critical illness cover and income protection. We will work hours to suit you, so please get in touch with us today!
Our NHS and Emergency Personnel incentive is going to run on an ongoing basis, but for the purposes of this offer, the end date will be 31 December 2021. This offer is eligible to all staff who work for the NHS and Emergency Personnel. This offer can be used multiple times. We have a right to withdraw this incentive at any time if circumstances require us to do so.