Mortgages for Police Officers
A career in the police force is taxing, and paired with the pressures of active duty, finding the time to explore mortgage options can be overwhelming. On top of that, police officers face the same difficulties as any other mortgage applicant, making a supportive service especially valuable.
In recognition of the essential work police officers do, select lenders offer mortgage deals designed to support them in saving money. With nearly 150,000 officers in the UK, this guide goes over everything you need to know about navigating the mortgage process as a member of the police force. We’ll cover:
What is a police mortgage?
While police mortgages are technically no different from standard mortgage loans, police officers can be viewed more favourably by lenders due to the security associated with their role.
So, although there isn’t a mortgage product exclusively for police, there are packages which are well-suited to the distinct demands of emergency service professionals.
Can police officers get better mortgages?
Police officers aren’t automatically entitled to better mortgage deals, but certain aspects of a police career can make officers more appealing to lenders. For instance, the job often provides long-term stability, career progression, and potential income growth. These are factors that suggest a lower-risk borrower, which thereby attracts a broader range of lenders.
How much can you borrow as a police officer?
Generally, your borrowing capacity as a police officer will depend on your income, with most lenders estimating affordability by multiplying your annual income by 4-4.5. That said, some may go as high as 5, or even 6, times your salary.
As a police officer with a stable income, you could have a better chance of qualifying for these higher multiples, especially if your rank and overall application are strong. Likewise, some lenders might also take regular overtime earnings into account here.
To receive an estimate of your borrowing potential today, feel free to use our mortgage calculator.
Mortgage eligibility criteria for police officers
As is the case with any mortgage applicant, lenders will consider several variables when evaluating your application. Fortunately, your role as a police officer can help offset risk factors in other areas. Key aspects lenders assess include:
Position and experience: The interest rates and terms you qualify for can depend on your rank and tenure within the police force. Typically, the longer you've served, the more reliable you appear to lenders, with some even requiring a minimum of three years in police employment.
Income structure: To secure the best mortgage rates and pass affordability checks, it’s integral that your full income is highlighted, including base salary and any overtime. Despite the majority of lenders favouring straightforward incomes, those familiar with police officers' unique schedules understand that overtime may vary.
Deposit: A lot of lenders require a minimum 5% mortgage deposit, but putting down more can lower your LTV ratio, increasing your chances of approval and access to better rates.
Credit history: Although your job reduces perceived risk, lenders will still assess your credit score. Yet, even with bad credit, you can still find competitive mortgages through lenders experienced in working with diverse credit backgrounds.
If you want to get an idea of your current eligibility before you apply for a mortgage, you can use our free credit check tool (£14.99 per month after the free 30-day trial). Using it will help you to see any possible mistakes or fraudulent activity on your profile, so you can effectively deal with such problems. The trial and subscription can be cancelled at any time.
Are there any mortgage schemes for police officers?
There aren’t any mortgage schemes or discounts for police officers specifically. However, they can still benefit from various initiatives available to all applicants.
For example, one useful option is the government’s First Homes scheme, which gives first-time buyers a discount of between 30%-50% on new-build properties, making it significantly more affordable to get a mortgage.
Other routes include Shared Ownership, where you buy a share of a property and pay rent on the remainder, and the Right to Buy scheme, which allows council tenants to purchase their home at a discounted rate.
Can I get a police mortgage if I’m retired?
Retired police officers can still qualify for a mortgage, though fewer lenders might be willing to lend due to the inherent risks with long-term loans for older borrowers.
The application process is similar to that for active officers, but finding the right lender becomes even more vital, as not all lenders offer flexibility for retirees. On the other hand, some lenders may extend their age limits if you have a reliable pension income.
How a mortgage broker can help police officers
Securing the best mortgage rates with large banks and high-street lenders can be challenging, given that they usually lack the flexibility to cater to the specific needs of police officers.
Nevertheless, there are specialist mortgage options tailored for police. The crux is that these are rarely advertised because they are customised to each individual’s circumstances through the expertise of a mortgage broker. Moreover, working with a broker can imply additional advantages:
Guidance on borrowing potential: A broker can determine the mortgage amount you’re likely to qualify for and advise on the factors affecting your application.
Application support: Brokers assist in preparing a strong application by outlining the documents necessary to verify your income alongside your deposit and credit history.
Lender recommendations: With a comprehensive knowledge of the market, a broker can identify lenders offering particularly favourable deals for police officers, including those open to applicants with issues like adverse credit.
At The Mortgage Genie, our team of expert mortgage advisors specialise in obtaining mortgages for police officers across all career stages, from sergeants and inspectors to superintendents and chief constables. If you’re interested, then be sure to contact us today at 01915809890.
This information is a guide only and should not be relied on as a recommendation or advice that any particular mortgage is suitable for you. All mortgages are subject to the applicant(s) meeting the eligibility criteria of the specific lender. You should make an appointment to receive mortgage advice which will based on your needs and circumstances.