Police Mortgages Explained
Technically speaking, there’s no such thing as a police mortgage. It’s not a specific type of mortgage that’s designed for workers in the police force. Instead, it’s a term used to describe the process that police officers go through when applying for mortgages. Due to the nature of your work and the salary you’re on, it can impact the different mortgage products available.
What mortgages are available to police officers?
Police officers are eligible for all types of mortgages. You’re still going to have to go through the same application process as everyone else, and you will need to meet all of the specific criteria laid out by the lender.
Lenders will obviously take your salary into account, however the good thing for police officers is that you’re in a very stable place of employment. Lenders prefer borrowers that are in a steady job, so this tends to go in an applicant’s favour.
Our advice is to speak to a mortgage adviser and go over the various options available to decide which one suits you the best.
What are the main things lenders consider when you apply for a police mortgage?
To start, you have all the typical things that lenders look at for all people applying to get a mortgage. This includes:
- Credit history
- What type of property you want to buy
- How many dependents you have
- How big of a deposit you can make
For police mortgages, there are two things that are perhaps most important:
- Source of income
- Employment type
We’ve already spoken a bit about income, and it’s a massive advantage to have a salary rather than a flexible wage that can fluctuate from month to month. Also, police officers have excellent pensions, which can also play in your favour.
As for the employment type, your role and experience within the police force are important. The longer you’ve been in your job, the better. It shows job security, and lenders prefer this.
Speaking about your employment, police officers can sometimes be put on probation. This happens when there are enquiries into cases or claims made against you. Even if you’re cleared of any wrongdoings, the probation period can throw a spanner in the works for your police mortgage application.
Mainly, it’s harder to be approved if you apply while on probation. Some lenders will refuse your application, but others are willing to accept it if you can prove you have an employment contract and have evidence that you will be returning to work soon.
How much can you borrow with a police mortgage?
It honestly depends on how much you earn, the strength of your application, and the lenders’ policy.
As a very general rule, the average lender will provide loans for around 4.5 times your annual salary. So, the more you earn, the more you can borrow. However, this multiplier can sometimes go as high as 6 times – it depends on where you’re borrowing money from and how well the lender responds to your police mortgage application.
How do I get a police mortgage?
To get the ball rolling on your mortgage application with the right lender, speak with us today. One of our mortgage advisers will talk through with you what it is you want to achieve, and explain the best way of achieving it, be it buying your first property, moving home or remortgaging.