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        Mortgages for Firefighters

        Are you a member of the fire service and looking for a mortgage? Good news - the rates can be better!

        Find out exactly how to unlock them in our expert guide.

        How will you be using the property?

        No impact on your credit score

        Pete Mugleston

        Author: Pete Mugleston - Mortgage Expert, MD

        Updated: May 04, 2022

        If you or your partner are members of the fire service and you’re looking to buy a home, you could get a helping hand up the property ladder with a firefighter mortgage.

        In this guide, you’ll learn all you need to know about this specialised mortgage product, what other financial help is available to you, and how a mortgage broker can help improve your chances of getting the best deal available.

        What is a firefighter mortgage?

        As an essential worker in the public sector, several lenders in the market are willing to lend to firefighter personnel on preferential terms and cheaper interest rates. Some of these mortgages are designed specifically for firefighters, while other lenders offer products aimed more broadly at all key workers, including teachers, nurses and members of the armed forces.

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        What are the benefits of a firefighter mortgage?

        A typical mortgage lender will allow applicants to borrow up 4.5 times their annual income: for example if you earn £30,000, the maximum you can borrow towards a house purchase would be £135,000. In some cases, that might not be enough to afford the property you want.

        However, for members of the fire service, some lenders will typically allow a higher income multiple of 5, 5.5 or even 6 times your annual income.

        That’s because, as a public sector worker, you’re seen as having better job security and a steadier income and a higher borrowing multiple can help you afford your dream home.

        But that’s not the only benefit. As a firefighter, your income may be slightly irregular due to shift work and overtime; you may even have a second job that fits in around your shifts.

        Some mainstream lenders may not be able to consider these additional earnings when you apply, but lenders with more knowledge of offering firefighter home loans will be more understanding and experienced at processing your application.

        These lenders usually promise to consider 100% of your second job income and overtime when calculating your mortgage affordability.

        Firefighters may also get preferential interest rates on their home loan: for instance, Vida Homeloans offers discounted rates to key workers compared to its standard product range.

        Are firefighter mortgages better than regular mortgages?

        Not necessarily. As a member of the fire service, you’re not restricted just to firefighter mortgages and can apply for the same deals as the rest of the public, whether that’s a fixed-rate, tracker, or interest-only mortgage.

        As such, while mortgages for firefighters may offer higher income multipliers or preferential rates, these deals may not be right for you, as they may come with higher fees or tougher early redemption penalties.

        Also, it’s important to shop around and compare rates across the market – just because a lender offers a discount to firefighters doesn’t mean it is the cheapest lender available.

        This is where a mortgage advisor can be a big help. The advisors we work with have access to the whole market and can help you save money by finding the right deal for your circumstances, which may or may not be a firefighter mortgage from a specialist lender.

        How a broker can help

        As a firefighter, it’s highly likely you will be working unusual shift patterns, including working at night. This can make it difficult for you to visit a high street bank or call a lender during regular office hours, not to mention finding the time necessary to do all your own research to find the right mortgage.

        But working with a mortgage broker can solve these hassles. They can speak to lenders on your behalf, as well as guide you through the application and help you with the paperwork which will save you time.

        By not using a broker, you may struggle to find lenders offering firefighter mortgages and so could end up with a more expensive deal or less favourable terms.

        Our broker-matching service will be able to assess your circumstances and find you a broker who can meet your needs.

        For a free, initial consultation with no obligation to proceed, call us on 0808 189 0463 or make an online enquiry.

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        What are the eligibility criteria?

        If you are considering applying for a firefighter mortgage, you will need to meet the standard borrower eligibility criteria that almost all lenders share.

        These include:

        • How much you want to borrow: Most lenders cap the amount at 4.5 times income, but professionals like firefighters can sometimes borrow more than this.
        • How much deposit you have: Usually, you will need a minimum of 10% of the property’s value, but 5% deposit mortgages are available under the right circumstances.
        • What type of property you are buying: A specialist lender might be needed if the property is ‘non-standard’. I.e. made from materials other than bricks and mortar, is a listed building or a high rise apartment.
        • Proof of income: Most lenders will ask for 3 to 6 months of payslips.
        • Your employment history: How long you’ve worked as a firefighter
        • Your credit history: If your credit rating is poor, a broker can help you find a lender who is more likely to accept you

        You’ll also need to pass an affordability assessment, where the lender reviews your earnings and monthly bills to check if you can afford to make your mortgage repayments, even if interest rates increase.

        There are likely to be additional requirements to qualify for a firefighter or key worker mortgage, including having completed your training.

        How much can firefighters borrow?

        According to the Fire Brigades Union, the basic annual pay for a Competent firefighter is £32,244.

        Based on this income, a firefighter could borrow up to:

        4.5x income (Standard multiplier) £145,098
        5x income (Kensington Hero mortgage) £161,220
        5.5x income (Vida Homeloans) £177,342

        That’s a difference of more than £30,000. Note that if you work in a more senior role, such as Crew Manager or Station Manager, your pay is higher and so you’ll be able to borrow more. However, if you’re a trainee or in development, you won’t be able to borrow as much because your basic pay is lower.

        What lenders and interest rates are available?

        If you are interested in a mortgage for firefighters, you are not limited to just high street banks. There are specialist lenders who are keen to offer deals to public sector employees.

        For instance, Kensington’s Hero mortgage is aimed at essential workers, including firefighters. Kensington will lend up to 5 times an applicant’s annual income and will consider 100% of second job and overtime income.

        Its 2-year fixed rate mortgage with a 25% deposit and no product fee currently charges an interest rate of 5.65% (as at May 2023). However, a criteria of Kensington’s Hero mortgage is that applicants can be a maximum of 40 years old when applying.

        While you could apply directly to a lender, it’s recommended to speak with a mortgage broker first.

        They can guide you through the application process and help you prepare any supplementary evidence in advance, making sure you get approved first time round and avoid any unnecessary rejections which could impact your credit score, making it harder to secure a mortgage elsewhere.

        An experienced broker could also find you a better deal, as they have access to exclusive offers that aren’t available to the general public.

        Do firefighters get help with mortgages?

        Yes, they do. As well as firefighter mortgages, there are other schemes and products in place to help emergency services workers onto the property ladder.

        These include:

        Shared Ownership

        Under this scheme, you buy a portion of a property and rent the rest from a housing association, with the option to buy more of the property over time. As a key worker, firefighters will be strong candidates when applying for a Shared Ownership property.

        First Homes

        This is a more recent scheme: the initial First Homes properties only went on the market in June 2021. Under the scheme, new builds can be sold at a 30% discount to first-time buyers and key workers.

        Right to Buy

        If you rent a property from a council or housing association, the Right to Buy programme allows you to buy your home, potentially at a discount to market value.

        Speak to a firefighter mortgage broker today

        Mortgages for firefighters can be difficult to find, as they’re usually offered by specialist lenders who are not on the high street. If you need a firefighter mortgage, your next step should be to talk to a broker who has access to these lenders and specialises in helping public sector workers get the finance they need.

        We work with brokers who are experienced in arranging mortgage deals for firefighters and other key workers.

        Our free broker-matching service will assess your needs and match you with an advisor who specialises in helping firefighters find the right mortgage deal.

        To speak to a broker with exactly the right knowledge and expertise you need, call 0808 189 0463 or make an enquiry to set up a free, no-obligation conversation with your ideal firefighter mortgage broker today.

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        Pete Mugleston

        Pete Mugleston

        Mortgage Expert, MD

        About the author

        Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

        Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

        FCA Disclaimer

        *Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

        Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.