If you are reading this then the chances are that you’re a Police officer who works for the UK Police Force. In this guide, we take a look at the positive side of being in the UK Police when getting a mortgage. We will provide information on a few other interesting facts that could affect you when getting a mortgage.
It is not difficult for a Police Officer to get a mortgage. In fact, there are many advantages to anyone working in the Police force in getting a mortgage.
How to get a mortgage when working for the UK Police
In this guide, we look at the advantages of working in the Police Force when it comes to getting a mortgage. We will provide information about a few steps you can take to take advantage of your job and also a couple of steps that you might need to be aware of.
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Do police officers get help with mortgages UK?
YesCanDo money offers free mortgage advice, information and support service to everyone in the UK. We are experts at financial planning for unique pay structures such as overtime and commission. We have years of experience choosing the best lender for mortgages for police officers and other public servants.
Buying a house as a Police Officer
As a Police Officer before you start to look for a house its advisable to get your finances straight and this includes your pay from the Force. Mortgage lenders like your finances to be straight forward with as little complications as possible. Therefore a little financial housekeeping before you buy can go a long way! A few points to keep in mind when looking to buy a house whilst in the police force.
- Keep out of your overdraft
- Make sure all payments are paid on time.
- Stop any online gambling including football bets.
Check your Police payslips
When starting a mortgage you will find that every mortgage lender will want to see your last 3 months payslips. Now is the time to check that these are correct. Although the Police Force is an amazing service, as an employer they have been known to be a little slow at reflecting your latest pay grade, shift allowances and overtime.
Make sure your payslip has the correct address. If the address on your payslip has an error or a previous address this will cause you issues. The Police are known for taking time to change addresses on payslips and it is really important that it matches the exact address that you currently live.
How do lenders work out how much I can borrow as a Police Officer?
When applying for a mortgage, Banks and Building societies will look at any proof of income that you submit and will use it to calculate the total that you can borrow for a house. It can be a bit confusing to work out on your own how much you can borrow.
All mortgage lenders use mortgage affordability calculators to work out how much you will be able to borrow. This means one mortgage lender might offer you a larger limit, while another might offer a smaller amount even if you submit the same documents. With so many different mortgage lenders, it can be overwhelming when trying to work out how much you can borrow. This is why it’s a good idea to look for a mortgage advisor to assist you with who can access the whole mortgage market.
Ask YesCanDo Money for Free Mortgage Advice
Will the lenders take my nights, shift allowances and overtime into consideration?
When you apply for a mortgage each lender will look at your last 3 months payslips when taking any extra shifts and overtime into consideration. The main thing mortgage lenders are looking for is consistency across the 3 months. If the different allowances are consistent across the 3 payslips there is a good chance they will all be taken into consideration. As the different allowances can make up a significant part of your pay, it is often the case that you will need these to be used to enable you to get the amount you will need to borrow. Again each mortgage lender has a different view on this, therefore, get advice from a free mortgage broker offering free mortgage advice with a team of advisors who have experience with police mortgages and their pay.
The good news is that all banks and building societies have arranged thousands of Police mortgages and therefore no explanation of the different allowances will be needed.
Do Police Oofficers get better mortgages?
A question often asked is “can I get a discount because I work for the Police Force?” The straightforward answer is unfortunately not. Many, many years ago it was possible to get discounts on mortgages when working in the force. However today there is not one lender that is offering any type of police mortgage discount!
There is one positive angle that can be taken from this guide, which is that banks and building societies really do understand how you and the public services are paid. This comes into its own when overtime and enhancements need to be taken into account to achieve the mortgage amount required.
Do Police Officers get cheaper mortgages?
Unfortunately not. The police staff are not eligible for any kind of financial discount or assistance with mortgages. However, some mortgage advisors specialise in working with Police employees and could provide a better service overall.
Do police get discounts on houses?
In May 2020 the government announced that key workers, such as police, nurses will get priority under a new scheme offering homes for first-time buyers with a 30% discount, the housing secretary Robert Jenrick is expected to give further details shortly.
Can newly-qualified Police officers get a mortgage?
One of the benefits of being a Police officer is when you submit the mortgage application, all mortgage lenders will understand your contract and pay grade. With the majority of newly qualified police staff, most lenders will be willing to use your contract as proof of income. This may mean that rather than waiting for the traditional 3 months payslips that most mortgage lenders require they will use your contract meaning that you could start buying a house a few months prior.
The importance of using a whole-of-market mortgage broker
It’s important to compare the whole mortgage market regardless of your profession. This is so that you can see how much each mortgage lender is willing to lend you. There are over 90 different banks and buildings societies with over 14,000 different deals available. Therefore it makes sense to use a mortgage broker to do the shopping around.
How much will a mortgage broker cost me?
Many brokers will charge a fee for their services, but there are fee free mortgage brokers available too. All mortgage brokers earn a commission from the mortgage lender themselves instead of charging you as the customer. This is a cost-effective option that will help you save money with the correct mortgage advice.
Introducing YesCanDo Money a Free Online Mortgage Broker
YesCanDo Money is one of the UK’s leading FREE mortgage brokerages, covering the whole of the UK. They offer free online advice, information and guidance to get achieve the correct mortgages for police officers, as well as telephone, video calls and face to face appointments.
Started over 30 years ago YesCanDo Money has helped achieve hundreds of police mortgages whilst providing information and advice for their police officer mortgage. They have a modern approach to communication using Whatsapp as well as more traditional email and of course the phone.
YesCanDo thrives on being a caring family run business who have grown by giving exceptional service to their clients. This can be confirmed by reading the hundreds of Facebook and Google 5 Star reviews! Contact us for information, advice and free support on how to achieve your home, the best rates and the mortgage application process.
YesCanDo money is a trading name of Roberts Financial Services Ltd which is authorised and regulated by the Financial Conduct Authority, authorisation number 527815. Your home may be repossessed if you do not keep up repayments on your mortgage.