Police Mortgages
Police Mortgages
Read on to find out about police mortgages or see if you specific question is in the list below.
What are police mortgages?
Annoyingly these days there aren’t any schemes or specific police mortgages. However, there are some mortgage lenders that are more suitable to police. This is due to how police are paid and how different lenders treat different types of pay.
How much can I borrow with a police mortgage?
Most lenders will let you borrow about four and a half times your usable income. However, what your usable income is varies lender to lender. This is why it’s important to approach the right lender to make sure that you can get the house you want.
Secondly, to maximise what you can borrow you need to keep your credit commitments low. This is because any monthly payments you have for personal loans, car loans, student loans, or credit card balances will reduce what you can borrow.
Again, different lenders will reduce what they will lend to you differently based on your credit commitments differently. Thankfully, a Mortgage Broker will be able to match your pay and credit commitments to a lender that will treat you favourably.
Will overtime and shift allowance help me borrow more?
Yes. Some lenders don’t accept overtime for police mortgages, some accept it if it’s regular, and some take an average from 3 to 12 months. The same applies for shift allowance and big town or city weighting.
This means that when it comes to police getting mortgages it’s essential to apply to the best lender for your circumstances.
How long do you need to have been working in the police to get a mortgage?
There are some lenders that will consider you as soon as you have your contract of employment signed. They might want to see that you’ve been in some form of employment before.
Newly qualified, first time buyer, police mortgages
So long as you’re in permanent employment, even if you are in probation, you can still qualify for your first mortgage.
If you’re saving for your first place, consider getting a Lifetime ISA. There’s a great bonus to put towards your deposit.
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