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What are Police Mortgages and what rates are available?
Working in the police force can be very challenging and demanding. In recognition of the important work you do, many financial brands offer special mortgage deals for Police Officers and support staff.
What is a Police Mortgage?
While there aren’t any mortgage products purely for the police force, there are often exclusive offers on standard mortgages for people in your profession.
If you’re looking to buy a house, or remortgage one, it’s certainly worth exploring the options open to police workers. Usually these apply to anyone working for the force and, often, retirees too.
Take a look at your company benefits to see if they include mortgage offers, or seek financial advice to point you in the right direction.
What help is available for Police Officers looking for a mortgage?
Special mortgage options available to police employees sometimes include reduced-fee or no-fee loans and preferential rates.
Your role in the police force should make you an appealing prospect for many mortgage providers, so don’t disregard the ‘standard’ loans in the marketplace.
Generally, mortgage providers want to be comfortable that you can meet your mortgage repayments each month. As long as you can prove your income as part of the application process, and you don’t have a bad credit record, you should find it fairly straightforward to get a mortgage offer.
Additional Government support to consider
In addition to mortgage discounts, take a look at some of the government support schemes. These initiatives are available in England and Wales and could make it easier for you to buy a home. They include:
Help to Buy
Two government Help to Buy schemes are designed to make it easier to buy a home. To qualify, you need to be buying a new build property. The support is available to First Time Buyers and those moving to a new home. Site of Blue Pepper Mortgages Limited. Neither Blue Pepper Mortgages Limited nor PRIMIS Mortgage Network is responsible for the accuracy of the information contained within the linked site
With the Equity Loan scheme you can buy a property with just 5% deposit. The government then loans you up to a further 20% towards the deposit, and you take out a mortgage for the rest of the value. The government part of the loan is interest-free for five years.
Through the Shared Ownership scheme, you buy 25% to 75% of your home and pay rent on the rest of the share. You can buy more of the property over time. You can apply for Shared Ownership on many new build properties and Housing Association homes.
Right to Buy
You might be able to buy your current home at a discount, if it is a council or Housing Association property, through the Right to Buy scheme. Discounts can reach £84,200 in the UK as a whole or £122,300 in London.
NewBuy is another government-backed scheme offering a 95% mortgage. It is only available on certain new build properties, so you will need to do some research in your target area.
How much can I borrow?
Provided you have a good credit score, mortgage lenders will normally offer you four times your salary in a loan. With a joint mortgage, they add your incomes together before multiplying by four, so this can be a good way to buy a more valuable property.
Some lenders might offer up to five times your salary, but take care not to overstretch yourself. If you can’t manage the repayments on your mortgage each month, your home may be repossessed.
As a member of the police force you may be used to regular overtime. Most lenders will accept overtime when you apply for a mortgage, but they might limit the amount. This is because the amount of overtime often fluctuates each month.
Mortgage lenders accept 50-60% of overtime – but some are more generous.
How can a Mortgage Broker help?
If you’re keen to find a competitive mortgage deal, mortgage advisors can be a great help. They will spend time getting to know you and exploring your personal information. They can then assess the lenders most likely to have suitable mortgages.
At Blue Pepper, we are registered in England and Wales and is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading style of Personal Touch Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority That means you can rely on the support offered by each of our mortgage advisers.
Not only will they explore the mortgage market on your behalf, they will manage the application process too. If other financial products are likely to be useful in protecting you and your family – as well as your home – they can help you explore these too.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE