Police Mortgages
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Police Mortgages – do they exist?
What is a police mortgage?
There is no such thing as a police mortgage – you have access to the same mortgage options as everyone else. There are however lenders who will offer discounted interest rates for certain professions and are aware you have a strong level of job security.
Determining the right lender will be based upon your own specific circumstances so it would be worth seeking out the expert advice of a Mortgage Broker. They will be able to listen and tailor the lenders they pick out for you based upon your particular position.
What help is available when it comes to mortgages?
It can be worth your while to seek out a Mortgage Broker for expert guidance in terms of specialist lenders. There are mortgage schemes out there that can be accessed.
Help to Buy
The government will match a 5% deposit with another 20% to put towards the property you wish to purchase and take out a mortgage for. The government’s 20% will be given in the form of a loan and it will be interest free for the first five years. This scheme runs from December 2020 until the 31st of March 2023.
Right to Buy
If you are renting from your council or a housing association then you will have access to a scheme called Right to Buy. You will have had to have occupied the property for at least three years and then you will be able to purchase your house at a discounted price. You need to ensure that you have good communication if you fall behind on rental payments as otherwise your housing association or council is unlikely to accept you into this deal.
Shared Ownership
As of April 2021, there have been changes to the Shared Ownership scheme. It will now be introduced under the government’s new ‘Affordable Houses programme’. You will now be able to access this scheme by buying 10% of the house instead of a minimum of 25%.
You have to ensure you are a First Time Buyer whose household is earning less than £80,000. Homeowners can purchase shares in 1% instalments and the fees for buying more shares has also been reduced.
Landlords will have to pay the repairs and maintenance for the first ten years of ownership. The scheme is now open to everyone and you do not need to live in a housing association house in order to access the scheme.
It is important to ensure you can afford the repayments on your mortgage as otherwise your home may be repossessed.
Speak To An Expert
We’re able to tap into our local knowledge to guide you through your house purchase in your chosen area.
How much can I borrow as a police officer?
Typically, you can expect to be able to access up to five times your annual salary, this is, however, depending upon your credit score and credit history too. A lender will make you undergo an affordability check to ensure that you can afford the repayments on your mortgage.
To be a member of the police force is a well-known and respected position within society and lenders will favour them due to the sense of job security they bring. If you have been in the force for quite some time, then specialist lenders could even offer you better mortgage rates and incentives to try and get you to borrow from them.
If you do have bad credit on your file, then it is important to do everything you can to try and fix it or communicate with your lender. You should speak to a Mortgage Broker if you have a bad credit score but still want to find a mortgage, depending on what type of debt it is you will have some lending options there.
How much of a deposit will I need as a police officer?
As police staff, you can access properties with a 5% deposit as opposed to the standard 10%, keep in mind this is subject to lenders’ criteria. The bigger the deposit the better when it comes to approaching lenders, it can mean you gain access to the better mortgage rates.
How can The Mortgage Centre help me find a mortgage?
Here at The Mortgage Centre, we have access to the independent mortgage market meaning we can access mortgage deals that high street mortgage lenders will not offer. As a mortgage applicant you can be left feeling stressed and confused by the number of different mortgage deals out there. Our Mortgage Advisers will listen to your specific circumstance and needs and then pick your lenders tailored to you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP THE REPAYMENTS ON YOUR MORTGAGE
Why Choose Us?
- Expert Mortgage & Protection Advisers
- Friendly and Personal Approach
- Professional Advice Tailored to You
- Build Long-Term Relationships
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