Police Mortgages

Mortgages for police

As a police officer, you may have a steady income and job security, which can make you a more attractive borrower to lenders.

However, police officers may also face challenges related to their occupation when applying for a mortgage, such as lower starting wages and shift work.

Do police officers get better mortgages?

The options available to Police staff are very similar to those available to other applicants, and there is actually no such thing as a ‘Police Mortgage’.

What you may find, instead, is that Police workers may qualify for various government schemes. Generally, when we talk about a Police Mortgage we are referring to the lenders offering specialist criteria rather specific Police staff mortgages.

There’re certainly elements of working in the police force that can make you a more attractive borrower. Police work often comes with a degree of long-term job security, career progression, and income growth, which can be viewed positively by lenders.

Are there any special schemes available?

Whilst there may not be specific mortgage schemes or discounts available exclusively for police officers in the UK. Nonetheless, police officers may still be eligible for various other mortgage schemes or financial assistance programs that are available to the general public.

For example, the UK government offers several home-buying schemes, including the First Homes scheme and the Shared Ownership scheme, which allow first-time buyers and those with low to moderate income to purchase a property with smaller deposits and more affordable monthly payments.

Additionally, some lenders may offer preferential rates or mortgage deals for public sector workers, including police officers, as part of their broader commitment to supporting key workers.

Do Metropolitan Police officers qualify for any specific mortgage schemes?

No, but some of the government schemes, such as Shared Ownership, do factor in the location when determining eligibility. In the case of Shared Ownership, the income limit is higher for those based in London compared to the rest of the country.

This is because the cost of living, including housing, tends to be higher in London compared to other areas.

What about if you work for Police Scotland?

There are no special police discounts or schemes in Scotland either. However, salaries as a police officer in Scotland can be slightly higher than elsewhere in the UK

Since mortgage lenders usually determine the maximum amount an applicant can borrow based on their income. A higher starting salary for police officers in Scotland may mean that they have access to larger mortgages compared to their counterparts in other parts of the UK. However, it’s important to keep in mind that there are other determining factors.

Will lenders accept my overtime, shift work and other allowances?

Some lenders are more generous than others when it comes to using overtime and shift work for police officers. For example, some mortgage lenders will use 100% of the overtime and shift work for mortgage affordability, others may be more conservative and use 50-65%, some may consider even less than this.

Choosing a lender that looks more positively at your overtime and shift works can make a massive difference.

How much can you borrow?

Generally, mortgage lenders in the UK will consider lending borrowers up to four or five times
income when assessing their affordability for a mortgage.

As a police officer with a secure income, you may be able to access higher multiples from lenders, meaning you could potentially borrow more than someone with a less stable income.

However, it’s important to remember that lenders will also take into account other factors such as your credit score, debt-to-income ratio, and the size of your deposit.

How much deposit do I need?

The deposit amount you need for a police mortgage will depend on several factors, including the lender you choose and the type of mortgage you are applying for. As a general rule, most lenders require a minimum deposit of 5% to 10% of the property value.

Can I get a mortgage as police staff with Bad credit?

It may be more challenging to obtain a mortgage with adverse credit, but it’s not impossible.

As a police staff member, your income and employment stability can work in your favour.

Here are some options you can consider:

• Improve your credit: If you have bad credit, it’s important to work on improving your credit score as much as possible before applying for a mortgage. This may involve paying off outstanding debts, making on-time payments, and reducing your credit utilisation. It’s always worth downloading a copy of your credit report
• Work with a specialist lender: Some lenders specialise in working with individuals with bad credit or unique financial circumstances, such as police staff. These lenders may be more willing to work with you to find a mortgage that meets your needs.
• Consider a larger deposit: A larger deposit can reduce the risk for the lender and may make you a more attractive candidate for a mortgage. If you can afford to put down a larger deposit, this may increase your chances of approval.

How can Strive Mortgages help?

At Strive Mortgages we have years of experience arranging mortgages for Police staff. Working with a broker who understands police work may be able to better assess your financial situation and income potential. This includes taking into consideration the irregular working patterns of police officers, which can involve long shifts and overtime work.

We are familiar with the income structure of police officers and can advise on how to properly document and present overtime income to lenders.

We also understand police work may have connections with lenders who are more open to working with police officers. We may also be able to negotiate better mortgage terms or interest rates on your behalf.

For more information on mortgages for police officers, please contact a member of the Strive team, by emailing info@strivemortgages.co.uk or call us on 01273 002697.

Frequently asked questions about mortgages for police officers