Police Officer Mortgages

As a serving police officer – or another member of police staff – when you’re looking for a mortgage, your job brings its own particular challenges and benefits.

In this guide, we cover topics including how people in this profession can get the best deal, finding a mortgage lender who understands the needs of police professionals and how the right broker can help you out.

Are there specific mortgages for police?

No not currently, although in the past there have been particular schemes for key workers. However, having a stable career – and one that is usually expected to last for the long term – can make you an attractive prospect to mortgage lenders and help you access deals that people in other professions cannot.

There’s a number of ways being in the police might affect your financial circumstances: shift patterns, a low starting salary, relying on overtime to boost your income, and so on.

Some lenders understand these challenges better than others. And some even offer exclusive police mortgage deals.

To find these deals – and to navigate the complicated world of finding the right mortgage, alongside the demands of your job – you’ll need an expert mortgage advisor.

Types of mortgages available

All the usual types of residential mortgage – fixed rate mortgages, variable rate mortgages, interest-only mortgages, remortgages when needed – are available to police officers who meet the relevant eligibility and affordability criteria.

Buy-to-let mortgages are available to police officers too. In fact, many police officers choose to diversify their income with a rental property – so much so that being a landlord is the most popular second job in many police forces. (If you’re considering this as an option, bear in mind that you may need to get permission from your force.)

If you’re early on in your career with the police, you might be able to benefit from one of the schemes set up to help first-time buyers , such as Help To Buy or Shared Ownership.

Eligibility criteria

There are a number of factors a mortgage provider will consider when deciding whether and what they’re prepared to lend to you.

Your income and employment type

The amount of income you earn helps mortgage lenders decide how much you can afford to borrow – see below.

But the source of your income is important too – for example, some mortgage lenders are more reluctant to lend to people who are self-employed. So as a police officer, having a full-time, secure job will put you at an advantage, because lenders will be confident that you’ll be able to keep up with the repayments on your mortgage.

The amount of time you’ve been in your role can affect your eligibility, too: for example, some lenders require borrowers to have been employed in their current role for three years or more.

So if you’re new to the force, you’ll need a lender who is willing to offer mortgages to trainee police officers and understands their needs and financial situation.

The amount you have available for a deposit

The minimum deposit for a residential mortgage is usually 10% of the purchase price. Some lenders will require a higher deposit depending on your circumstances – for example, borrowers with particularly bad credit might need a deposit of 15 or 20%.

But there may also be lenders who will offer you a mortgage with a smaller deposit, such as 5%, because of your profession.

Credit history

All mortgage lenders will take your credit history into account when deciding whether and how to lend to you. But if you do have bad credit, don’t despair. Particularly as a police officer, there will almost certainly be a lender who is prepared to offer you a mortgage – it’s just a question of finding the right lender.

As with any borrower, lenders will also take into account your property type, the number of dependents you have, and your age. But different lenders use different criteria – that’s why it’s important to find the right one.

How a broker can help you get the best deal

Making a mortgage application involves application fees, and a mark on your credit history. So it’s important to get mortgage advice, and to find the right lenders who are most sympathetic to your circumstances as a police officer, before you apply.

Doing this on your own can be time-consuming. But a specialist broker can take all the hassle out of searching.

They will have access to the current rates and deals across the mortgage market, and can compare each one for you to find you the lenders offering the most competitive deals.

If you get in touch we can arrange for a broker we work with, who has experience helping police force employees find the right mortgage for their circumstances, to contact you straight away.

Which lenders offer exclusive mortgages for police?

The mortgage rates police officers can get vary hugely depending on the lender, and the type of mortgage you’re looking for. And your choice of approachable mortgage lenders depends on your particular circumstances.

For example, different lenders treat overtime pay differently. Here are a few examples of the restrictions you might encounter from specific lenders when it comes to overtime:

• HSBC will only treat a maximum of 50% of your average overtime pay as part of your guaranteed regular income.
• Vernon Building Society, on the other hand, will consider including 100% of overtime pay in their calculations about how much you can afford to borrow – but only if you can show that your amount of overtime pay has been consistent over a 12-month period.
• But Natwest will consider 100% of your regular overtime income based on just your last three months’ consecutive payslips and your most recent P60.

(These are all correct at the time of writing but are included only as examples.)

As you can see, finding the right lender can be complicated. But the good news is there are brokers who specialise in mortgages for police force personnel, and they have the knowledge, experience and lender contacts to boost your chances of success.

How much can you borrow?

When deciding how much to lend you, mortgage providers will consider your income, along with the size of your deposit, your credit score, and other factors specific to each lender.

A typical applicant might be offered a mortgage of four, or four and a half times their annual salary. But lenders may offer higher amounts to borrowers with better job security. So as a police officer, you may be able to borrow up to five or even six times your annual income.

Here’s what those figures look like on the average police officer salary of £31500 per year:

• At four times your salary you can borrow £126000
• At 4.5 times your salary you can borrow £141750
• At six times your salary you can borrow £189000.

Get matched with a broker who specialises in police mortgages

As a member of police force personnel, you’re a great investment for a mortgage lender. But to take advantage of that, you need a broker who can find you the right lender and get you the best deal.

We know where to find brokers who specialise in helping police officers find the best mortgage deal.

Call Online Money Advisor today on 0808 189 0463, or make an enquiry here. We’ll find you a broker with the right expertise for your circumstances.

We don’t charge a fee for this referral, and there’s absolutely no obligation or impact on your credit history.