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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.
Help to Buy
The Help to buy scheme offers help when it comes to buying a newly built home, it will be running from the 16th of December until the 31st of March 2023. If you can provide a 5% deposit then the government will help you onto the property ladder with another 20%.
Right to Buy
If you rent from your local council, they you will 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.
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.
Shared Equity Schemes
This scheme gives you the opportunity to own part of your home and then pay for the rest when it is more affordable or convenient for you.
Starter Home 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 be considered a low-risk borrower in terms of your occupation, this will mean lenders will favour you and are likely to offer you good interest rates.
You need to make sure that you have a good credit score before approaching a lender, if you have bad credit you may need to ensure you have been a police officer for a good amount of time and can explain your credit rating. If not you may need to seek a specialist lender.
How much of a Deposit will I Need?
As a police officer who has is settled in their police career it is likely you will only need to find 10% of the property’s value as a deposit, ideally more in the current climate. This is of course subject to lenders and your credit history.
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 any 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 accounts 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 the independent mortgage market, 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.
YOUR HOME MAY BE REPOSSESSED OF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE