Police Mortgages

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Police Mortgages

There are lots of options for police officers looking for a good mortgage deal and some lenders accept overtime and other payments as your income. We’ll help you find the right deal for your specific situation.

What is a Police Mortgage? 

There are no specific mortgage products for police officers, so employees of the police force will apply for the same mortgages as other borrowers. However, having a stable career with good prospects means many lenders may welcome you as a customer.

Because every lender is different they may offer you a range of loan sizes or rates – we’ll help you find the most appropriate option to suit you.

How much can I borrow?

The amount you can borrow will depend on your monthly income and outgoings. People applying for a joint mortgage can borrow more, as both incomes are included in the borrowing calculation.

If you work overtime as part of your police role, some lenders will include overtime payments in salary calculations – while others won’t. Certain providers limit overtime to 50-60%. Others are more generous, so if you do a lot of overtime we’ll identify the most appropriate mortgage lenders for you.

We’ll give you an idea of your total loan and how much the repayments on your mortgage will cost. We’ll also get you an Agreement in Principle, which is a key step in making an offer on a home. It confirms that you can borrow the required amount.

Will I be approved for a police mortgage?

Getting a mortgage is about meeting the lender’s criteria. The lender will assess affordability to decide how much they will lend you. You will also need a deposit of at least 5% of the property price. 

You will need to provide payslips to show your income, and the lender will also check your credit score. If you have bad credit, that could reduce your choice of lenders, but will not usually stop you getting a mortgage.

Help from Government schemes 

There are various government support schemes designed to help people get on the property ladder. 

Other options include:

Shared Ownership
This scheme allows you to buy a set share of a home, from 10% to 75%, and pay rent on the remainder. Shared Ownership is available on many new build properties and Housing Association homes. You can increase the size of your share over time. 

Right to Buy
If you live in a council property, you may be able to buy it at a discount via the Right to Buy scheme. Discounts can reach £96,000 in the UK as a whole or £127,900 in London. 

First Homes (England only)
First Homes is another scheme led by the government where 30% discounts are available on certain new build properties. Key workers including the police are prioritised for these homes. As a fairly new scheme, you will need to research available properties in your area.

Shared Equity
With a shared equity mortgage, sometimes called a partnership mortgage, a lender gives you a loan alongside your main mortgage. In return, they gain a share of any profit you make when you sell your house or are ready to repay the loan. 

Lifetime ISA
If you’re currently saving up a deposit to buy your first property, a Lifetime ISA could help boost your deposit. Open to anyone aged 18 to 39, this is a valuable scheme as the government adds a 25% bonus to your contributions of up to £1,000 a year.

Joint Borrower Sole Proprietor
Rather than a government scheme, this is a type of mortgage available from certain lenders. It allows you to bring a family member onto the mortgage with you to boost your borrowing power. But they are not named on the deeds, which can mean stamp duty is not applicable.

How can a Mortgage Broker help?

It’s our job to help you find an affordable deal to suit your property goals. We’ll explore your specific situation as a member of the police force and compare a range of options for you, including relevant property schemes.

We have access to providers from right across the mortgage market, so it’s fast and simple to explore their rates and criteria. We work with many police officers and employees and will support you every step of the way to buying a new home or remortgaging your property. 

Approved by the Openwork Partnership on 12.01.2024

An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.

Your home may be repossessed if you do not keep up with your mortgage repayments.