Police Mortgages – We believe that for the people that give so much, we should give something back. These brave police men and women endure many difficulties daily in their profession. You are performing a vital service which keeps us and our families safe.
At Alexander Southwell Mortgage Services we can help police officers and all police staff to get on the property ladder in several ways. Rather than limiting your search or missing out on the best deals, we can help you throughout the mortgage process with ease.
We can also help by offering advice on your mortgage application. If you are not sure you are ready to put in an application, we can help. We will look at things like your credit score, deposit and employment history and make sure you are presenting yourself in the best possible way to the mortgage lenders.
FEE FREE Mortgages for Police Staff
We offer FEE FREE mortgage advice and support via phone, WhatsApp, FaceTime and Skype. We understand your working hours may be antisocial. WhatsApp us OR email us any time of day and we will arrange a call with an advisor that fits within your schedule including Saturday & Sunday early and late. We will try and not put any barriers in the way of you getting a mortgage.
Mortgages For Trainee Police Officers
Trainee police officers get paid during their 12 week training, you should be able to secure a mortgage while you are training and potentially before you even start your new job role. This might already be a busy and stressful time for you.
An alternative mortgage option would be to apply for a mortgage in principle. This is a written agreement from the bank that they would be willing to lend you a particular amount at a specific loan to value(ltv), provided you pass the rest of the checks at a later date. This allows you to start house hunting with a budget in mind.
Mortgages For Newly Qualified Police Officers
Once you have qualified as a police officer and are completing your two year probationary period, you will be eligible to apply for a mortgage. Lenders will look kindly on police officers as this is a stable career with good opportunities for progression. You should still make the most of any scheme available to you. Especially those for first time buyers as this can make the process much more manageable. The government help to buy scheme will help to boost your deposit, meaning that you could get better rates by applying for a smaller LTV.
Mortgages For Police Community Support Officers
If you are working as a community support officer, this is a voluntary part time role, you should have another source of income. This other income will be assessed as part of your mortgage application.
Community support officers who have passed their 6-month probationary period have access to something known as a key workers mortgage. This scheme is designed to make it easier for key civil service employees to access affordable housing.
Remortgaging For Police Officers
If you are looking to remortgage, you should have no trouble doing so while working for the police force. Most people remortgage because they want to get a better deal, so it’s important to shop around. We can help put you in contact with the best mortgage lenders for your unique circumstances. This could help you to save money moving forward with your mortgage.
Buy To Let Mortgages For Police Officers
Many police officers diversify their income by investing in buy to let properties. This might help to increase your income or it could be a plan for retirement income. Police officers should have no problem securing a buy to let mortgage if they have the funding in place.
It is worth noting that you will not be able to make use of any government schemes for a buy to let property. Your mortgage broker will search the market and find the most suitable buy to let lender for you. Buy to lets affordability ability is calculated completely different to a generic residential purchase, it isn’t completely based on whether you can keep up with the repayments on your mortgage, each lender has a specific stress test which they calculate based on how much they believe the property can rent out for. You will also typically need a bigger deposit for a buy to let property. This could be as high as 40% or as low as 20% depending on the lender.
Mortgages For Police Officers With Bad Credit
If you have bad credit and you want to buy a house, don’t let this hold you back enquiring. While all mortgage providers will want to see your credit score, this isn’t the whole picture. They will also look at your current earnings, outgoings, job stability, affordability of the loan and your deposit.
Since you work for the police force, you will be considered to have a very stable job. Provided you have a good sized deposit and your loan is affordable, you should be able to secure a mortgage deal if you approach the right lender and get good mortgage advice, so don’t let a low credit rating put you off. In this instance we would always recommend producing your credit file and sending this to us, with this information we will be armed with enough information to know which mortgage lenders will consider your police mortgage.
Questions & Answers For: Police Mortgages
Do police get special help with mortgages?
Unfortunately the short answer is no, no specialist mortgage exists just a police officer. Some key workers have additional access to certain schemes, particularly if they earn an income below a certain threshold but generally the mortgage products available will be the generic products available to the open market.
Just like any other individual, you can look at a range of options from Help To Buy on a new build property, Shared Ownership, buy to let and straightforward residential mortgage options.
Also like any other individual, you are going to be looking for the best possible deal you can find, and you’re highly likely to find that best deal from a small, niche, lender that you would not necessarily consider without professional mortgage advice.
Is it worth using a mortgage advisor or going straight to my bank to get a Police Mortgage?
Our team of expert mortgage advisers have experience arranging access to the most suitable lenders in even the most complex of cases.
Whether you’re remortgaging for a better deal, looking to buy a new home or for an investment buy to let property we can help you get a mortgage and find the right lender for any form of police mortgages.
When should I get an agreement in principle?
We would highly recommend putting an agreement in principle in place for any police mortgages before viewing and offering on a property. This is not a long process assuming you are prepared with the information the mortgage advisor will ask.
Once we have all of the information needed, we will recommend which bank or building society is most suited to yourself and who is most likely to be able to take you all the way through to getting your mortgage offer.
Which lenders should I approach for a police mortgage?
This is something that your mortgage advisor will recommend. Our helpful broker will search the whole mortgage market depending on your personal data and make sure we find you an excellent lender to place your mortgage with.
Our mortgage broker services doesn’t stop there…
Your mortgage advisor understands that the mortgage application and discussing your mortgage options is just one aspect of buying or remortgaging a property.
We can advise on Solicitors, help you understand survey reports you may have consider, provide you with background information on the property you are considering buying, and liaise with any estate agency or builder involved.