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A police mortgage is no different from a standard mortgage, but being a police officer can work in your favour as lenders see it as a low-risk profession. While there is no specific mortgage product for police officers, there are options available that cater to the unique needs of emergency service personnel.
Most mortgage lenders have a guideline that sets the maximum mortgage amount at four times the borrower’s salary. However, being a police officer with a stable career and future growth potential can increase your borrowing power. Many lenders are willing to offer mortgages of up to 4.5x, 5x, or even 6x your salary.
Lenders also consider other sources of regular income, such as overtime, second jobs, maintenance payments, benefits, and self-employment income. However, these sources need to be consistent and prove their value through bank statements or tax returns.
While a longer time in your career can increase your chances of a successful mortgage application, some specialist lenders are willing to consider applications from new police officers, even during their probationary period.
If you are married or in a civil partnership, your partner’s income can be added to yours when calculating your mortgage affordability. However, if your partner has any specialised issues such as bad credit or being self-employed, it may affect your application.
The minimum deposit you need for a mortgage depends on the type of mortgage you apply for
Higher Loan-to-Value (LTV) mortgages require a smaller deposit, typically around 5% or 10% of the property value. However, they often come with higher interest rates as they are considered riskier for the lender. An example is a 95% LTV mortgage, where you borrow 95% of the property value and put down a 5% deposit.
Lower LTV Mortgages require a larger deposit, typically 15% or more of the property value. They come with lower interest rates as they are less risky for the lender. An example is an 85% LTV mortgage, where you borrow 85% of the property value and put down a 15% deposit.
Your creditworthiness plays an important role. Borrowers with a strong credit history and good financial record may be eligible for lower deposit mortgages even with higher LTV ratios.
Additionally, different lenders have their own criteria and may offer mortgages with varying minimum deposit requirements.
There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgagernrnYour home may be repossessed if you do not keep up repayments on your mortgage.rnThere may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.rnThe fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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Excellent service with friendly staff who help you every step of the way. Russell and Max have been fantastic, professional and understanding throughout the process. Thoroughly recommend!
Timi OKevin and Beccy provided a wonderful service and I highly recommend utilizing them for your mortgage needs. They worked diligently for us especially as we were international buyers. 5 stars!
Myles TToby was absolutely a knight in shining armour. Every step of the way he explained everything, he understood my situation and it felt like he was holding my hand through some turbulent times. I can't thank him enough.
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Kerry SKevin and Beccy have been extremely helpful - firstly in exploring viable options to suit my situation and secondly keeping me in the loop and dealing with queries that arose along the way. This is my second mortgage with them, both of which had possibly unusual elements and they were able to navigate me through them and find me good mortgages.
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