Police Mortgages

There are over 225,000 people that make up the UK’s police workforce and at some point many of those may wonder how to get a mortgage and whether being in the police helps or hinders an application in any way.

This guide answers those questions and explains all you need to know about applying for a mortgage as a police officer.

Do police officers get better mortgages?

Not necessarily, but there are elements of working for the police that can make you a more attractive borrower; this type of profession tends to come with a degree of long-term security, career progression and income growth. These factors indicate a lower risk borrower and could create interest from a wider pool of lenders, but shift work and a low starting salary could also work against you.

As with any mortgage application, your chances of approval will depend on how well you meet a lender’s criteria. A broker who understands police work – including the working patterns and potential for overtime income – can navigate you toward a lender likely to look upon a mortgage application from a police officer more favourably.

Are there any special schemes available?

In the UK, there aren’t any mortgage schemes designed specifically for police officers, nor are there any police mortgage discounts but you can take advantage of other schemes out there.

For example, there is:

• Shared Ownership: This allows you to buy a portion of a property rather than its entirety whilst paying rent on the share that remains owned by either the new build developer or housing association.
• First Homes scheme: For those looking to buy for the first-time, this scheme provides a discount of up to 20% for new build properties.
• Right to Buy: If you already live in a property owned by your local council, you might be eligible to purchase it at a discounted rate via the Right to Buy scheme.

Do Metropolitan Police officers qualify for any specific mortgage schemes?

No, but some of the government schemes factor in the London location. For example, to be eligible for Shared Ownership applicants must earn less than £80,000 but this rises to £90,000 if based in London.

What about if you work for Police Scotland?

There are no special police discounts or schemes here either. However, salaries as a police officer in Scotland can be slightly higher than elsewhere in the UK. A starting police salary in England and Wales, for example, is £21,402 while that rises to £28,074 in Scotland. Given lenders usually use an applicant’s income to determine how much they can borrow, this means a Scottish police officer might have access to bigger mortgages.

How much can you borrow?

This will largely depend on your income. Most lenders multiply your annual salary by 4 or 4.5 times to give them an estimation of what you can afford to borrow. In some cases, a lender might be willing to multiply by 5 or even 6 times. Being a police officer with a secure income will definitely increase your chances of getting those higher multiples. As of November 2022, Kensington Mortgages and Hodge went up to 6 times a salary in certain circumstances. A broker would be able to help identify others who might do the same.

The current average salary for a police officer in the UK sits at £28,466. The below table outlines what size of mortgage that could get you depending on the multiple used by the lender.

Sidenote: Some lenders will consider earnings generated from overtime. If this is something you derive a significant amount of income from, talk to your broker about how to have it factored into your potential mortgage size.

Mortgage affordability calculator

Should your income be higher or lower than the above figure, insert it into our calculator below to get an estimated mortgage size more accurate for your situation. A broker would then be able to factor in other elements of your application to advise on whether that would have any bearing on the amount you could borrow.

Which lenders offer the best mortgage rates?

Being in a role lenders consider respectable and reliable, such as a police officer, will boost your chances of qualifying for the best interest rates available. The table below gives an indication of the types of rates currently available from mainstream mortgage lenders.

The rates quoted above were correct at the time of writing and are subject to change at any time at the lender’s discretion. Speaking to a mortgage broker is the best way to keep track of the rates available at any given time.

How a broker can help police officers find the best mortgage deals

Often working unsociable hours in a stressful job, police officers should team up with a broker who can do a lot of the hard work in finding a mortgage for you.

They’ll get an accurate depiction of your finances and then:

• Advise on the size of mortgage you should be able to access and the various elements impacting your application.
• Collaborate on compiling a strong mortgage application, sharing what paperwork you’ll need to evidence your police income, including any over time, as well as your deposit and credit history.
• Recommend which lender to apply to. Through experience, a broker will already know the lenders offering the best deals for those in roles such as police officers, including those open to any potential red flags on your application such as bad credit.

Eligibility criteria for police officers

As with any mortgage applicant, lenders will be looking at a variety of factors when considering whether or not to lend to you. One thing already working in your favour is your job type; a more reliable and employed role can help to mitigate any risk factors in other areas.

Most lenders will also consider:

• How much you have as a deposit: Most lenders require at least a 5% deposit but going above that will increase your chances of approval.
• How much you earn: Some lenders require borrowers to be earning a minimum amount.
• How long you’ve been in your job: The longer you’ve been in the role, the less of a risk you’ll seem. Some lenders may even stipulate a minimum three year police employment history.
• Whether you have any bad credit or bad debt: Either of these can paint you as a high risk borrower but don’t always mean an automatic rejection. It’s best to consult a broker should either of these be a factor for you.
• Your age: Most lenders will accept applications from people as young as 18 but may have maximum age limits such as 75 or 85.
• The type of property you’re planning to purchase: Anything considered outside the ordinary is deemed as riskier and could impact your application.