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Police Mortgages – what are your options?
Police officers are generally considered good customers by mortgage lenders as their income is stable and they have good career opportunities.
What is a Police Mortgage?
Whilst you won’t find any mortgage products purely for the police force, there are lenders who are sympathetic to your work patterns and if you work overtime and these have been regular payments could also take this into account when calculating the amount they will lend you.
What help is available for Police Officers looking for a mortgage?
With any mortgage you will need to meet certain criteria to confirm to the lender that your monthly mortgage repayments are affordable. You will need to prove your income via recent payslips, and the lender will check your credit score. Bad credit might reduce your choice of lenders, but usually you will still be able to get a mortgage.
Government schemes to consider
There are various government support schemes in England and Wales that might help you buy a home. Open to both First Time Buyers and people moving home, they include:
With the Help to Buy Equity Loan scheme you can buy a property with just 5% deposit, and the government loans you money to put down 20% (up to 40% in London) as a deposit. If you had a 5% Deposit plus the government equity loan of up to 20%, you would have a total of 25% deposit. You will then need a mortgage for the rest of the value. The government part of the loan is interest-free for five years. These mortgages are only available on new build properties.
Through the Help to Buy Shared Ownership scheme, you get a mortgage for 10% to 75% of a home and pay rent on the rest of the share. You can increase the size of your share over time. Shared Ownership is available on many new build properties and Housing Association homes.
5% Deposit Mortgage Guarantee Scheme
As of April 2021 following a budget announcement there is also a government backed scheme which will see an increase of 5% deposit mortgages available. Although no guarantee is available to the buyer lenders are guaranteed against losses which means they are able to offer more 5% mortgage products.
Right to Buy
If you live in a council or Housing Association home, you may be able to buy it at a discount via the Right to Buy scheme. Discounts can reach £84,600 in the UK as a whole or £112,800 in London.
How much will I be able to borrow?
If you have a good credit score, mortgage lenders will normally offer you four to five times your salary as a loan. With a joint mortgage, your incomes are combined for the calculation, so you may be able to borrow more.
One challenge you might come across is in finding a lender that includes overtime payments in this salary calculation. Most will accept overtime when you apply for a mortgage, but they might limit the amount to 50-60%. Others are more generous, so if you do a lot of overtime it’s worth researching the most appropriate lenders.
Use a mortgage calculator to get an idea of your total loan and the potential repayments on your mortgage. Make sure these will be comfortably affordable for you, as if you can’t keep up with the payments, your home may be repossessed.
How can a Mortgage Broker help?
Mortgage Advisors like First Thought Financial Services are here to help you find an affordable mortgage deal. We will get to know you and your personal situation as well as your property goals, so that we can compare all the options for you.
We can also advise on whether the Help to Buy options could make it easier for you to buy a home. Once you have chosen an appropriate deal, our mortgage advisers will complete a mortgage application for you based on your personal information, and keep in touch with mortgage lenders, solicitors and anyone else involved in your property purchase.
First Thought Financial Services Ltd is an appointed representative of Quilter Mortgage Planning Limited, which is authorised and regulated by the Financial Conduct Authority.
Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.