Lots of borrowers worry about this, especially if they have or have had issues with any of the above factors.
However, it’s important to remember that each lender will have a different set of criteria that they will use to conclude whether or not they can loan you, so just because one may reject you, it doesn't necessarily mean they all will.
How does my income affect my ability to get a police mortgage?
Most police mortgage providers will look at your income very closely to work out whether they’ll lend to you.
The amount of income you earn as well as the source of your income, will be assessed to determine whether you are an ideal borrower.
As a member of the police force, your income is most likely paid as a salary rather than on a self-employed basis.
There are lenders who prefer this as it suggests some level of financial security.
Loaning large amounts of money is risky for lenders, so knowing that you have a secured income can provide mortgage lenders with confidence in your ability to pay your mortgage on time and in full.
However, it’s also useful to know that even if your income is paid on a self-employed basis, there may be lenders willing to loan to you, depending on your circumstances.
Talk to an advisor here for more information on which lenders to approach.
Can the amount of time in my role affect my police force mortgage?
Yes, you may find that the amount of time you have served within your current role can affect your ability to obtain a mortgage.
This is because some lenders view shorter employment terms or new jobs as less stable.
Some may require borrowers to have spent more than three years in a role however this is not always the case.
Can I get a mortgage while on probation with the police?
For those seeking a police probation mortgage, evidence of an employment contract may help to assist with your application, however, it’s also good to know that there may be lenders who can take other factors into consideration.
Speak to an expert in police mortgages here to find out more.
How much can I borrow on a police officer mortgage in the UK?
The rates and deals of police mortgages in the UK can vary heavily depending on where you live in the country, your own financial situation and of course, your salary.
Although there are exceptions to this rule, most lenders throughout the UK will loan 4.5 x a borrower’s salary.
For example, if we were to take the average starting salary of a police officer in England and Wales at the time of writing - which is between £19,971 and £23,124 - most mortgage providers would cap their lending at between £89,869 and £104,058.
At the top end of the scale, the average police constable salary in the UK can rise to £38,382 within approximately seven years. In this case, the average lender would cap the amount you can borrow at £172,718.
How much can I borrow on a police officer mortgage in Scotland?
The starting salary in Scotland is marginally higher compared to that of English and Welsh police officers and because of this, you may find that lenders are prepared to offer higher loans.
Many retired police officers have approached us after receiving incorrect advice about police pensions mortgages.
Some potential homeowners are put off from approaching lenders because they fear that they will be rejected as an older borrower.
However, this is not always the case.
Whilst it can be true that some lenders can have concerns about retired borrowers and their ability to pay a mortgage on a limited income, there are some specialist lenders who can take other factors including your police pension, savings and benefits into consideration.
For more information on lending in later life, visit our section on this here.
Alternatively, speak with an advisor to discuss which lenders are more likely to approve your police pension mortgage.
Which lenders should I approach for a police mortgage?
With so many lenders and varying mortgage deals on the market, it can be difficult to know where to begin.
What is the best police mortgage bank?
Well, for starters, it isn’t just banks who offer police mortgages. Building societies and other types of lender will also consider them under the right circumstances.
Every police mortgage provider will have their own set of criteria that they will use to assess a borrower and decide whether or not they can lend to them.
Not only does this make the process of finding a mortgage extremely time consuming but it can also lead to wasted money in application fees, as well as nasty credit rejections on your file.
To avoid this, always work with a broker. They will have access to the current rates and deals and can compare each one for you before you apply.
Contact a broker who specialises in police mortgages here to find out which lenders are currently offering the most competitive deals.
How can a mortgage broker assist me with my police mortgage?
The advisors we work with can look at your current circumstances and listen to what it is you need from a mortgage. Using this information, they can research the whole of the mortgage market to discover the best deals for you.
Any paperwork for your mortgage can be managed by a professional, saving you time and hassle. The advisors we work with can also deal with solicitors on your behalf.
Your mortgage broker can manage your police mortgage process from start to end. They’ll keep you up to date with any changes and will persist to save you money wherever possible.
Speak to a police mortgage expert
If you have questions about mortgages for police officers and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry here.
Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.
*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA.Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.
Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes.
The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.
Pete's presence in the industry as the 'go-to' for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!
Read more about Pete here...