Head of Content
Mortgage Advisor & Director
Welcome to our guide to mortgages for firefighters. Here you will learn what your mortgage options are in this profession, how to get the best deal and more.
Do firefighters get better mortgage deals?
Yes. This is sometimes true as there are lenders who reserve exclusive mortgage deals for borrowers who work a public sector or key worker role, which applies to firefighters.
These deals, often referred to as ‘professional mortgages’ offer the following perks:
- Lower interest rates
- The option to borrow based on higher income multiples
- Flexible features, like uncapped overpayments
- The option to declare 100% of any overtime or bonus pay you earn
Although there are lenders who offer these ‘professional’ mortgages for firefighters, they might not necessarily be the best deal for you. This is why it’s a good idea to speak to a broker beforehand, to get an overview of the entire market and review every option.
Check your eligibility
The criteria for firefighter mortgage applicants is no different than for borrowers in other lines of work. Once you have evidence that you work in the fire service, you will be able to access a range of professional mortgages from the lenders that provide them.
To qualify for a mortgage, you will need to meet the following criteria:
- Deposit requirements: As deposit requirements can sometimes be more lenient for firefighters, it is possible to get a mortgage with as little as 5% deposit.
- Credit history: Better rates and deals are available for firefighters with clean credit, but it is possible to get approved for a mortgage with some types of bad credit.
- Age: Mortgages are available to retired firefighters, but your options will begin to decrease if you will be 75 or over during the mortgage term.
- Property type: Specialist advice is recommended if you are buying a non-standard property, such as an HMO or one with an unusual construction type.
In summary, the eligibility requirements for firefighters is no different to other applicants, although the criteria can sometimes be relaxed for professionals in this field.
How much firefighters can borrow
The average firefighter salary in the UK is around £31,328 per year. This means that the average mortgage borrowing for someone in this profession is around £140,976.
This figure is based on 4.5 times the average annual salary of someone in the fire service, the standard income multiple most lenders use to calculate your borrowing.
However, people in your line of work can often access higher income multiples, all the way up to 5.5-6 times salary, so the maximum mortgage you qualify for might be much higher.
Use our calculator below to get an idea of the exact amount you could potentially borrow.
Why you need a mortgage broker
As firefighters typically have more mortgage options than borrowers who work in non-key worker roles, it’s a good idea to talk to a broker to review every single one of them.
There are brokers on our team who specialise in arranging mortgages for professionals in the fire service, and they will have a firm understanding of your needs, including:
- Your income
- Your retirement age
- Your employment contract
- Mortgage schemes you will qualify for
With these factors in mind, our brokers can help you find your ideal mortgage. Book a free consultation with them below or choose the option to compare the latest deals yourself:
Compare key worker mortgage rates for FREE
Schemes you could apply for
There are several government schemes that firefighters could consider to boost their chances of securing a mortgage. Some of them even prioritise key workers.
The schemes you could consider include:
- First Homes: Firefighters are prioritised for this scheme as key workers are one of its target demographics. It offers a discount of 30-50% on the purchase price of a new build property, but there are limits on the household income you can have and the purchase price of the property cannot exceed £250k (£420k in London).
- Deposit Unlock: This scheme is open to other demographics as well as key workers. It is aimed at homemovers and first-time buyers with a low deposit (5%), and is limited to new-build properties from participating housebuilders.
Other mortgage schemes including the mortgage guarantee scheme, Shared Ownership and Right to Buy are open to, but not exclusive to, firefighters and other key workers.
Lenders than can offer exclusive deals
Some of the best mortgage lenders for people in the fire service are the ones that offer exclusive deals for professionals. Below you will find some examples of them:
There are a few things to bear in mind when it comes to professional mortgages. Firstly, not every lender who offers them includes firefighters among the list of jobs that qualify.
On top of that, the deals available in these professional mortgage ranges might not be right for your needs and circumstances. With this in mind, speaking to a broker who specialises in firefighter mortgages to get an overview of the whole market is your best option.
Why choose Teito for your mortgage needs?
Key workers such as firefighters choose Teito for their mortgage needs because we offer a free service that lets you compare the latest rates for free.
We can also provide you with a free, no-obligation chat with a broker who specialises in arranging mortgages for firefighters and other professionals in this industry.
Here are some of the benefits of choosing Teito:
- You can access the latest mortgage rates in seconds
- Our brokers can secure exclusive deals for firefighters
- We are 5-star rated on leading review websites
- We can help you secure a mortgage in principle in minutes
Ready to compare the latest mortgage rates and speak to a broker who specialises in helping key workers and professionals onto the property ladder? Get started here.
FAQs
Yes. It isn’t just firefighters who are classed as key workers. Other roles within the fire service, including station managers, paramedics and support staff, will qualify you for special deals from some lenders and allow you to access government schemes, like First Homes.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.