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Mortgage Advice For Police Officers And Police Staff
What is a Police Mortgage?
There are not currently any mortgage products aimed explicitly at those serving in the UK police force. There are a broad range of mortgage options available to you, however.
The good news is that some mortgage lenders who understand the challenges police officers may face in obtaining a mortgage, such as complex shift patterns and low starting salary, have a greater willingness to navigate them.
What help is available to police officers?
For police employees who experience difficulty in satisfying the acceptance criteria for a standard residential mortgage, some of the below home ownership schemes can be helpful:
Help to Buy
Predominantly intended for First Time Buyers, this Scheme lends you up to 20% (40% in London) towards your deposit, when you can find the first 5% yourself. The higher total deposit enables you access to a 75% Loan to Value mortgage, which is easier to achieve.
Right to Buy/Right to Acquire
This scheme’s availability varies regionally, however, it allows for some association or local authority tenants to purchase their rented home at a significantly reduced price. This can be a very affordable option if you’re on a low income.
Shared ownership
The shared ownership scheme enables you to purchase a percentage of a property, usually between 25-75%, through a housing association. This can provide an easier route to home ownership for those struggling to get onto the property ladder. Please note, however, that you will have to pay rent on the percentage of the property you do not own, on top of the repayments on your mortgage.
Starter Home scheme
This scheme is quite new and only available for young people between the ages of twenty three and forty. It gives you the option to purchase a new build property worth up to £250,000 (£450,00 in London) at a discount of at least 20%. You cannot rent or resell your home at the original market value for five years after the purchase, in order to remain eligible.
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The Mortgage Company was established over 30 years ago and have a strong reputation for being local mortgage experts.
How much can I borrow as a police officer/police staff?
Your job title is unlikely to affect how much you can borrow, other than in that those who work for the police are generally considered to have a stable career with good progression opportunities. Your affordability and credit score will be the predominant factors in calculating your mortgage loan.
A typical mortgage applicant could expect to borrow around four times their annual salary, whilst the stability of police employment means that some lenders are willing to increase this multiple, sometimes as high as six times your annual income.
Will a mortgage lender take overtime or second income into account?
Whilst criteria will vary between lenders, there are certainly mortgage lenders who are willing to consider additional income on top of your annual salary, as part of the mortgage calculation.
The more stability you can show in the additional income, the more likely it is to be considered. For example, if you plan to submit overtime payments, it will be beneficial to show that you’ve had access to it for six months. If you have evidence that you’ll continue to receive regular access to overtime going forwards, this will be particularly helpful.
There are other sources of income that may also be considered if they are consistent, for example, regular receipt of benefits, maintenance payments from a previous relationship and income from second jobs. If your additional income is from Self-Employment, you may need to prove that you have maintained this for twelve months or longer, in order for it to be considered.
How can The Mortgage Company Nottingham help members of the police force to obtain a mortgage?
At The Mortgage Company, our Mortgage Brokers have plenty of experience of providing specialist mortgage advice to police officers and similar law enforcement professionals. We are able to search through a wide range of police friendly lenders based on your personal information, to find you the most suitable lender and mortgage deal for you.
Our team understands that your time is precious and you have limited availability as a result of your chosen career. That’s why we always do our utmost to provide our availability to suit your shift patterns and at times convenient to you. We can take on much of the administrative burden of the application for you, keeping you up to date throughout the entire process.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE
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- Established over 30-years ago
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