FEE FREE Mortgages for Firefighters UK – Mortgage Brokers & Advisors
The majority of mortgage lenders will offer mortgages to firefighters. High street lenders, as well as more specialist lenders, will offer mortgage deals to public sector key workers such as firefighters.
Visiting this page must mean you are either a firefighter or work for the fire service, getting the right mortgage as a firefighter is very simple. With the fire service being one of the UK’s largest employers you will find that most mortgage lenders fully understand how you are paid and what to expect to see on your payslip.
You will qualify for the FEE FREE benefit that Alexander Southwell Mortgages can offer.
Preparation to get a mortgage – Getting a mortgage for a Firefighter
If you are about to buy a house either as a first-time buyer or if you are climbing the property ladder, it’s a good idea to get your finances in order and this includes your pay from the fire brigade.
When a firefighter applies for a mortgage, every lender will want to see your latest 3 months payslips and 3 months bank statements. So this is a great time to check that your wage slips are all present and correct! To maximise your affordability it is worth looking into getting a mortgage when you have your shift allowances and overtime on your wage slip.
Top of the list of things to check is the address on your wage slip. Make sure it is up to date as if the address on your payslip in incorrect this can cause you problems.
When looking at mortgage deals how will the lenders use my shift allowances and overtime?
When you apply for a mortgage each lender will want to look at your latest 3 months payslips, some will want to see up to 6 months. They will take any overtime or allowances into consideration. Most lenders like the firefighter overtime or allowances to be consistent therefore if you are wanting to maximise the amount you can borrow then make sure that all 3 or 6 payslips reflect this.
The good news is that all banks and building societies will have arranged thousands of mortgages for firefighters and fire service staff employees.
How do I get an agreement in principle? – Mortgages for Firefighters
When you start looking for a house you want the estate agents to know you are good for your money and therefore you need a ‘decision in principle’ in place. The same goes for a mortgage, you’ll need to know you will be accepted for a mortgage and the first step is to get the decision in principle sorted.
We will go to any lender and ask for a ‘mortgage decision in principle’, however it makes sense we choose a lender carefully. It is important that you get a lender that will lend you what you need. The broker will have a meeting with you to advise which bank or building society will suit your requirements the most. Your mortgage broker will ask some questions that the different lenders will want to know, for example, what your earnings are and what debts do you have. Once we have the agreement in principle we can then let you know what mortgage deals
Can a mortgage broker help me if I have a bad credit history?
It all depends on your personal circumstances and your financial history, it might still be possible to help you and find you a mortgage deal.
There’s some simple things you can do to build up your credit rating in advance of making a mortgage or remortgage application, such as: –
- Know your credit score and credit history. Sign up to one of the credit history providers and get looking at your report. Click here to view your credit report.
- Correct any mistakes on your credit report
- Make sure you’re on the electoral register. You can keep your details private to prevent them being sold on, but you must make sure you register as this has a surprisingly large impact on your credit score.
- Bring up-to-date any late payments or bring your account balances down to below their maximums.
- Stick to your regular monthly payments for a six-month period, paying extra where possible.
- Make the payments on time, don’t be late.
After doing this for a six-month period, and after following the advice in the first few points above, your credit score should have improved somewhat.
We can assess your credit score over time and as it improves we can then consider your mortgage options and see what becomes available.
How much can I borrow with a Firefighter mortgage?
As with other mortgages, the general 4.5 times salary will apply to firefighters. However, specialist lenders are offering up to 5 times your salary if you were looking to borrow more. Based on a single salary of £30,000, this means you could borrow between £135,000 to £150,000. Of course we would need to assess and give advice on your full circumstances. Then we can inform you whether this differs, we can also, let you know the right mortgage products. Whether it is a fixed rate or another product is most suitable for you and let you know what kind of deposit you would need.
Are there any other options available?
Yes, if you are looking for an alternative mortgage other than a traditional mortgage, as a firefighter you would be a strong candidate for a Help to Buy mortgage. We would, however, recommend speaking to a mortgage broker, one of our team can check see whether if this is the right mortgage for you. The Help to Buy scheme is operated by the government and is made up of the Help to Buy Equity Loan scheme and the Help to Buy Shared Ownership scheme. Please note: Help to buy is no longer available after 31/10/2022
Our mortgage broker services don’t stop there…
Alexander Southwell understands that the mortgage application and discussing your mortgage options is just one aspect of buying or remortgaging a property.
We can advise and arrange Life Insurance, Critical Illness Cover or Income Protection, again offering the most suitable possible deal available to you.
