Police Mortgages – Tailored Mortgage Solutions for Police Officers
As a member of the police force, you have a unique career that offers stability and security, qualities that many lenders may look favourably upon when considering mortgage applications.
Although there isn’t a specific “police mortgage” product on the market, there may be certainly ways to maximise your borrowing potential and find the best deals depending on lenders current criteria and schemes.
At Kerr & Watson, we can help police officers and staff through the mortgage process, offering advice tailored to your circumstances.
Whether you’re a first-time buyer or looking to move up the property ladder, we can help you explore mortgage options that best suit your financial situation and long-term goals.
What Is a Police Mortgage?
Although there is no specific mortgage product exclusively for police officers, some lenders offer deals or schemes that cater to the needs of those in public service.
These “police-friendly” mortgage options may come with lower fees, higher borrowing limits, or flexibility regarding income sources such as overtime, which is common in police work.
At Kerr & Watson, we understand the pressures and challenges faced by those in the police force. We can help you identify which lenders are more sympathetic to your profession and ensure you secure the best possible deal based on your circumstances.
How Much Can You Borrow as a Police Officer?
As a general rule, most mortgage lenders allow you to borrow between four and five times your annual salary taking into account a number of factors that can change this such as debts and dependents.
However, as a police officer, you may have access to lenders willing to offer more due to the stability of your career. Some lenders may be able to go beyond this, especially if you’re a higher earner.
If you regularly work overtime or have a second job, some lenders will take this into account when calculating your borrowing capacity. However, not all lenders include overtime as guaranteed income, so it’s important to work with a broker like Kerr & Watson, who can connect you with lenders that do.
We can help you navigate the specifics, ensuring all your income is considered fairly when determining how much you can borrow, for an initial idea of your maximum affordability you can utilise our affordability calculator.
Find out Your Options
How Much Deposit Do You Need?
One of the biggest hurdles for many buyers is saving for a deposit. You may be eligible for mortgages with as little as a 5% deposit. However, the more you can save for your deposit, the better the mortgage rates you’ll receive.
A larger deposit can result in significantly lower interest rates and more affordable monthly payments.
If you’re struggling to save for a deposit, there are government schemes available that could help, such as shared ownership. These options allow you to get on the property ladder with a smaller deposit and make homeownership more attainable.
These schemes are not available to everyone, and not suitable for all borrowers. We can give you individual advise to make sure you are aligning yourself with the best route for you.
How a Mortgage Broker Can Help
The mortgage market can be overwhelming, especially with the demands of your job. As police officers often work long and irregular hours, finding the time to research and compare mortgage options can be difficult.
This is where working with a mortgage broker, like Kerr & Watson, can save you time and effort.
Here’s how we can help:
- Personalised advice: We take the time to understand your individual circumstances and financial goals. Based on this, we recommend mortgage products tailored to your individual needs.
- Access to exclusive deals: We have access to a wide range of mortgage products from numerous lenders, including those sometimes not available to the public if they go direct.
- Continued support: Beyond securing your mortgage, we liaise with lenders, solicitors, and other professionals to keep the process moving, so you can focus on your daily duties.
By working with Kerr & Watson, you benefit from our extensive experience in the mortgage industry and our commitment to providing outstanding service.
Mortgage Protection for Police Officers
Given the nature of your job, protecting your mortgage with suitable insurance is highly recommended. Mortgage protection policies, such as life insurance or critical illness cover, ensure that your family will be financially secure if the unexpected happens.
Kerr & Watson also specialise in protection advice. We can help you explore policies that provide peace of mind, knowing your mortgage payments are covered in the event of injury, illness, or worse.
Getting a Mortgage with Bad Credit
If you have a history of poor credit, it can be more challenging to secure a mortgage, but it’s not always impossible.
There are lenders that specialise in offering mortgages to those with adverse credit, and at Kerr & Watson, we can help connect you with these lenders if it’s not possible to obtain a mortgage from a lender offering a prime product. We explore all areas to work out the best route for you.
We recommend being transparent about your credit history from the outset so that we can guide you towards the most suitable products and help improve your chances of approval.
Conclusion
At Kerr & Watson, we’re proud to support police officers in finding the best mortgage solutions to suit their unique circumstances.
Whether you’re just starting in your career or you’re a seasoned officer looking to move home or remortgage, we have the expertise to guide you through the process with ease.
The mortgage market can be complex, but you don’t have to do it alone.
Contact Kerr & Watson today for personalised, expert advice and find out how we can help you secure the best mortgage deal for you.
