Police Mortgage
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“We tailor our advice to you and manage everything with the lender from that initial application all the way through to your mortgage offer. Then we work with your solicitors right through to completion.”
Mike Haupt – Mortgage Adviser
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Police Mortgages
Mike Haupt shares his expertise on mortgages for police personnel.
This topic is quite personal to you, can you explain a little about that?
Police mortgages are a personal one for me because my wife is a serving police officer, and both her parents were police officers, now retired. A lot of our friends and family are police officers as well. I understand the stresses and the challenges that come with being a police officer – on an emotional level and on the finance side as well, particularly from a mortgage perspective.
I’ve been able to help many police officers with their mortgages and it’s always great to be a part of things when they move into their new home or get that remortgage done.
Are there specific mortgages for the police?
No, in fact there are no specific mortgages for the police, which is really disappointing in some ways. But lenders these days are a lot more aware of what’s involved with the job and are more accommodating for those in the police service.
For example, police income can be quite complex. There’s usually multiple levels to it in terms of basic pay, overtime allowances and other elements. Lenders are now much more aware of that and more supportive of it. As long as we can demonstrate to the lender that the income is sustainable they will absolutely try and help you get that mortgage.
Something that it’s always worth looking at with a police officer is pension contributions. These are usually a significant chunk of your salary, and that’s always going to be played into your affordability. But again, lenders are getting really understanding of that – it used to be quite a penal thing, but they are now more open-minded to that side.
There are lenders out there that have specific ranges for key workers. As we sit here in February 2023, Kensington has a Hero range of mortgages for key workers – of course police officers fall under that. So there may be no specific police products, there are definitely lenders out there who want to help you.
How is a police worker’s income assessed?
As I mentioned, police income can be quite complex with basic pay, overtime and stepping up duties. There can be multiple facets to someone’s income. We also get retired officers who have done their service and gone back into work either for the police as a civilian or outside of the police force.
As long as the income is sustainable, we have a history of it and we can show that it’s going to continue moving forward, a lender is really open to working with that income structure. They’re not going to try and be difficult.
The beauty where I am here at Tomorrow Mortgages is that I have access to over 90 different lenders at the moment. If we do get one lender that isn’t going to play ball with us, I’ve got 89 other lenders we can talk to.
There’s always going to be another option out there for you. As long as we get a really good understanding of your income when we first have a conversation, we can absolutely find the right lenders to work with you. We’ll get you the maximum amount of borrowing and make your income work for you.
Does It Cost For An Initial Chat?
Please don’t be afraid to pick up the telephone. Contact us with any questions or any conversations you want to have. There’s no commitment, there’s no silly questions. I’m here to try and help put your mind at ease, so let’s have a conversation and answer your questions.
How much can I borrow as police personnel?
This is a really frequent question and my answer is pretty much the same every time: it’s down to that individual’s circumstances. One person earning the same amount of money as somebody else could borrow a different amount. It’s because they’ve got different commitments. Their council tax might be slightly more, they might have a loan or a credit card or there might be something else going on.
The amount you want to borrow is always very specific to you as an individual. We work that out by having a really good conversation with you to understand your income and what your future looks like. We confirm that your income is sustainable for the long term and then we can work it out. So have a conversation with us and we can really be specific about how much you can borrow.
Do police get discounts on houses in the UK? What schemes are available for police personnel?
There are a number of different schemes out there, which are open to everyone and can be very helpful to police personnel. There are shared ownership schemes, or Right to Buy might be applicable to you, and there are Joint Borrower Sole Proprietor mortgages. These are the modern version of a guarantor mortgage in some ways, where someone sits in the background to support you on that mortgage.
With new build property, police officers are deemed as key workers and a number of housing developers are offering key worker discounts. So you could potentially get a discount on a new build property.
That discount could go towards your deposit. That’s always one to have a look at. If you’ve got a limited deposit, a new build might be the right thing for you with a bit of support from the developer. It is very specific to the individual builder and development but it’s definitely worth having a look at.
What else should we consider on police mortgages?
You can probably tell from this conversation that I really enjoy working with police officers to find them a home and support them from a mortgage perspective.
There are a number of options out there for police officers, but you can always go and have a look at what your options are outside of that. You’re not committed to using police backed options as such.
Having really good knowledge of your income and the right lenders to go to is really important – and that’s what we do here. We can really help you find the right mortgage and hopefully do it in a great, conversational way with the service and support you need.
With police officers, your shift pattern can be all over the place. So if you need to talk to us at six o’clock in the morning or nine o’clock at night, we’ll make sure we’re available. If there’s anything we can support you with, just pick up the phone. We’re here and we can absolutely help.
Your home may be repossessed if you do not keep up with your mortgage repayments.
Here for your tomorrows
- We believe in building lasting relationships with our clients. The kind where we get to know you, your family, how you live, what's important to you and what you want in the future.
- Then we get to work to help you achieve it, with regular reviews and updates, to keep your money working harder and smarter for you.
- We don't want to be the biggest, we want to be the best, for you and your family.
Because we play by the book we want to tell you that…
- Your home may be repossessed if you do not keep up repayments on your mortgage.
- There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.
- The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.