Police Mortgages

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Police Mortgages - Some Tips and Tricks

You need to make sure that you are ready for a mortgage. A mortgage is a big financial commitment and if you do not keep up with repayments on your mortgage your home may be repossessed.

There are a lot of different mortgage options out there and it can be daunting finding the right mortgage deal. If you are ready to buy a house and take that leap into the mortgage market, remortgage or look into the world of Buy to Let you might need some expert mortgage tips from the professionals at Pia Financial Solutions.

What is a Police Mortgage?

Whilst there is no such thing as a ‘police mortgage’, police officers have access to all the standard mortgages on the market the same as anybody else. If you are a police officer, you are considered more reliable by a lender given your career and position in society.

Some lenders will tailor their mortgages towards police officers – it can be worth searching out these specialist lenders. You may need to seek out the help of a mortgage broker to access one of these.

What Help is There Available When It Comes to Mortgages?

There are a range of schemes out there if you need help when it comes to your mortgage.

Right to Buy

If you rent from your local council, they you may be able to buy your home at a discount through this scheme. The size of discount you get off of your home will depend on how long you have been occupying it and that you have been reliable with rental payments.

Shared Ownership

You can buy a share of a property from your landlord who is usually the council or a housing association and then rent the remainder. You will have the option to pay reduced rent on the share that you do not own. This is available on many new build properties.

First Homes Scheme

This is a new scheme where 200,000 new build homes will be up for sale to first time buyers who are under 40 years old with at least 20% off the market price.

How much can I borrow?

You can usually access up to five times your annual salary. As a member of the police force you will likely be considered a low-risk borrower in terms of your occupation, this could mean lenders will favour you and are likely to offer you good interest rates.

It is worth checking your credit score before applying for a mortgage. A good credit score can make your chances of being accepted for a mortgage much more favourable. If you have a bad credit score, that doesn’t mean you won’t be able to get a mortgage but you may need to speak to a specialist lender instead of the high street.

How much of a Deposit will I Need?

Regardless of your profession, usually the minimum deposit you will need to put down is 5% of the property’s value, although the larger your deposit could be worth considering in the current climate and the larger your deposit, the better the interest rate you could get.

Deposits can take a while to save and it is worth making sure you are applying with the best deposit that you can. The bigger the deposit you can provide – the better.

Will a Mortgage Lender take Overtime or a Second Job into Account?

Specialist lenders will be willing to combine other income as well as your PAYE salary to allow you to potentially borrow more. You need to make sure you have at least three months’ worth of consistent payslips if you want a lender to consider overtime or a second job.

How can a Mortgage Adviser help?

A Mortgage Broker can help you find the right mortgage for you and help with your mortgage application. Brokers can tell you what documents you are going to need to prepare alongside your application. Advisers will listen to your situation and point you to the right mortgage products for you.

Being a police officer, a mortgage adviser can save a lot of time when it comes to finding a mortgage. There are specialist lenders out there and here at Pia Financial Solutions we have access to over 70 lenders, meaning we can point you to products high street lenders won’t offer.

Pia’s team of mortgage advisors will treat your personal information with the utmost care and we pride ourselves for being authorised and regulated by the Financial Conduct Authority. This means we are qualified to give you the financial advice to find the right mortgage deal for you.



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