Police Mortgages

Police Mortgages and how to get a good deal

Some mortgage providers offer special deals for members of the police force. Generally, it’s easy to find a mortgage if you are in the police force – but it’s important to compare all the options and find a mortgage that suits you best.

What is a Police Mortgage?

Strictly speaking there’s no such thing as a police mortgage, but some Lenders offer discounts and offers to attract customers from the police sector. You’ll be eligible if you can provide proof of your job – and some lenders extend the offers to include retirees.

Check your benefits information for lenders offering mortgage deals to the police force, or contact a broker like Mortgage Co – we’ll explore all your options and advise you on suitable products.

How much could I borrow?

As a general rule people can borrow around four to five times their salary on a mortgage. You could potentially borrow more with a joint mortgage, as the loan is based on the total of your two incomes. You can get an idea of how much you could borrow and the likely repayments on your mortgage using a mortgage calculator.

Overtime payments can sometimes make borrowing more complex. Because overtime is optional and not seen as guaranteed income, many lenders don’t include all overtime earnings in their loan calculations. They might limit the amount of overtime included to 50-60%. Meanwhile, other mortgage lenders may be more accommodating, so if you do a lot of overtime it’s good to explore this area in a little depth.

What size deposit will I need to contribute?

You can get a mortgage with as little as a 5% deposit, but it will require a good credit rating. With a high loan-to-value mortgage – which means a low deposit – lenders charge higher interest rates, so monthly repayments are more expensive. By saving up a bigger deposit of 15% or more, you will get lower rates and cheaper repayments.

Your repayments need to be affordable, because if you fall behind with your mortgage your home may be repossessed.

How can Police Officers find a good mortgage deal?

Mortgage offers might include zero fees, discounted rates or lower deposit requirements. It’s a good idea to compare any special offers with other available mortgage products, so that you can check that they are valuable.

Each lender will have their own specific criteria too, which could include a minimum deposit, a certain credit score, age and property type. If you don’t meet the requirements for one lender, you may be accepted by another. In most situations, even if you have bad credit or a low deposit, there will be a lender who will take you on. You might just need a little expert mortgage advice.