Police Mortgages

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What You Need To Know About Police Mortgages

What is a Police Mortgage?

Actually, there is no ‘Police Mortgage’, as much as there’s no mortgage product that exists just for serving police officers or police staff. The good news is, you still have access to lots of different mortgage options.

There are even certain lenders that are more police friendly, which means that they are more accepting of changing shift patterns and take regular overtime payments into account.

What help is available to police officers?

You might have heard from colleagues, possibly longer serving officers, who had access to the KeyWorker Mortgage Scheme. Unfortunately, this scheme ended in 2019, so it’s no longer an option.

There are other homeownership schemes set up to help you though. They are there to help first time buyers in any career, but can definitely be helpful to police officers and police staff. Some of them will even be available if you’re not a First Time Buyer.

Help to Buy

This Scheme gives you a government loan of 20% of the house price (40% in London) towards your deposit. You will need to come up with 5% deposit yourself, then they are added together to give you a bigger deposit, meaning it’s easier to get accepted for a mortgage.

Right to Buy/Right to Acquire

If you live in a housing association or council property, you might be able to buy it at a reduced price. Unfortunately, it depends on where you live, as this isn’t available everywhere in the UK. It’s definitely worth checking if you have this option, though, as it can be a great way to buy a home if you have a low income.

Shared ownership

Shared Ownership, as you can probably guess, means that you can buy a share of a property, rather than all of it. This will usually be between 25-75% of the property and most of the time a housing association will own the rest of your home. This means you will have to pay rent to them as well as the repayments on your mortgage, but it’s a good option for those struggling to get a mortgage large enough to cover the full cost of buying a home.

Starter Home scheme

This is a fairly new scheme aimed at people between twenty-three and forty years old. If you’re in this age group then you can buy a new build home worth up to £250,000 (£450,00 in London), but it will be discounted by at least 20%. There are a few rules, such as not being able to rent or sell your home for the first 15 years, but it is another good way to get a foot on the property ladder.

How much can I borrow as a police officer/police staff?

The fact that you are in the police force won’t change how much you can borrow, as this decision isn’t based on your job title. Lenders look at your income, job security and credit score when they decide how much you can borrow.

Most mortgage applicants can borrow about four times their annual salary but this will vary depending on which lender you choose.

Will a mortgage lender take overtime or second income into account?

Some mortgage lenders will consider other income on top of your salary when they work out how much you can borrow. If you plan to include your overtime payments, then it will help if you can show you’ve had it for six months or more, especially if it’s also likely to continue in the future.

Benefits, maintenance payments and other earnings can also be used towards your mortgage, as long as they’re regular payments.

How can Vivid Mortgages help police and police staff find a mortgage?

At Vivid Mortgages, our Mortgage Brokers are specially trained to give mortgage advice to those serving in the police force. We can put you in touch with lenders who understand the unique nature of your job and help you find a mortgage deal that suits you.

We know how busy and difficult shift work can be, so we will do our best to work around you. We can take a lot of the effort and stress away by sorting out the administrative side of the application for you so that you get a smooth path into your new home.

Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.  

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