Mortgage Advisor & Director
Mortgage Advisor & Director
Did you know that police officers can access mortgage deals unavailable to the public? Whether you’re an active duty officer, a retired member of the force, or police staff - these professional mortgages are beneficial for several reasons.
This guide explains all you need to know about police mortgages, including the benefits, eligibility criteria, and how to get the best rates.
Do police officers get better mortgages?
While there aren’t specific mortgage products exclusively for police officers, some lenders view them more favourably due to the stable and reliable nature of a UK policing career.
In practice, this preferential treatment from lenders can mean lower interest rates, better mortgage terms, or more flexible eligibility criteria.
Mortgage benefits for police officers
As a police officer applying for a mortgage, you may qualify for unique benefits that aren’t always available to the rest of the public, some advantages include:
- Lower rates: Lenders might offer more competitive rates, and even just a small difference can impact the overall cost of your mortgage.
- Higher LTV ratios: Certain lenders will have strict thresholds when it comes to loan-to-value (LTV) ratios, which is how much you’re borrowing compared to the size of your deposit. This can be more flexible for police. For example, some lenders allow a 95% LTV (5% deposit) for police officers.
- Flexible assessment: There are lenders who can be more flexible in their approach, which might mean that something like overtime pay can be used to your advantage rather than work against you. This could lead to higher borrowing amounts and better rates.
- Waiving fees: As a welcoming gesture, some lenders will waive the arrangement fees for police officers, or offer discounted valuation and legal services to help make the borrowing process more affordable.
Eligibility criteria
To be eligible to get a mortgage as a police officer, you’ll need to meet some standard criteria along with factors that are unique to police roles:
- Your role and experience: The specific deals, rates and terms you qualify for may depend on your rank and experience within the police force. So, whether you’re a police constable, a chief constable - or anything in between - can impact the mortgages available.
- Income structure: To access the best mortgages and pass affordability checks, it’s important that your total income is considered, which might include your base salary and any overtime. Certain lenders prefer a stable and stationary income, but those who frequently lend to police officers will understand this isn’t always practical or realistic.
- Your deposit: While some lenders might be more lenient with the size of your deposit, contributing a larger amount can lower your LTV ratio, which often leads to better deals. A 5% deposit is a good start, but a bigger deposit can mean better rates.
- Credit history: Even though you’ll present less risk to some lenders, they’ll still want to check your credit history. If you’ve got bad credit, don’t panic, it’s still possible to get a competitive mortgage if you deal with the right lenders.
There can also be additional eligibility factors, such as age, the type of property you’re buying and whether you’re using any government-backed schemes.
How to get an exclusive mortgage deal
To access the best rates and deals, it’s important to work with a mortgage broker who has experience securing home loans for police officers. Specialist brokers often have direct relationships with lenders that can tailor a mortgage deal to the unique circumstances of someone working within the police.
These tailored mortgage products aren’t usually advertised. So it’s best to explore your options with the support of a skilled adviser. Using an adviser who specialises in mortgages for police officers (including retired police and supporting staff) means they can introduce you to the right lender for your role and circumstances.
You can have a free, no-obligation chat with a specialist mortgage broker below, or choose the option to compare the latest rates and deals for yourself:
Find a better mortgage deal on Teito
How much you could borrow
Typically, mortgage applicants can borrow around 4.5 times their annual salary. However, as a police officer, this can be stretched. Depending on your rank and the overall strength of the rest of your application, some lenders may let you borrow up to 5 or even 6 times your salary.
Use our calculator below to get an idea of your maximum borrowing amount:
Best rates and lenders for police officers
Unfortunately, you’re unlikely to find the best rates with banks and high street lenders like Nationwide, Halifax or Santander because they just don’t have the capacity to be flexible with their deals. Or they might lack the ability to tailor a mortgage to your situation.
The good news is that specialised lenders who regularly arrange mortgages for police officers will be open to creating a bespoke arrangement. These deals aren’t usually advertised because these niche lenders will set up a loan that’s unique to your situation.
Mortgages for retired police officers
Retired police officers can also benefit from more favourable mortgages if you speak with the right lenders. Some lenders are willing to offer home loans to police retirees, or stretch their maximum age limits if you’ve got a steady and reliable pension.
The process of getting a mortgage will be similar to that of active officers, but it’s going to be even more important for you to approach the correct lenders. Not all lenders can be flexible. So it’s highly recommended for retired police officers to get expert mortgage assistance.
Why choose Teito for your mortgage needs?
At Teito, our specialist advisers have proven experience securing mortgages for police officers at all career levels. This can include police constables, sergeants, and inspectors - all the way up the career ladder to superintendents and chief constables.
We offer a free, no-obligation chat where you can discuss your specific situation with an impartial broker who can find the best mortgage rates for the police.
Here are just some of the reasons police officers choose us for their mortgage needs:
- Our brokers specialise in mortgages for the police
- We can introduce you to flexible lenders with great deals
- Your first chat is free with no obligation to proceed
- We have a 5-star rating on leading review sites
Ready to compare rates for free and take advantage of a free, no-obligation chat with a broker who specialises in mortgages for police? Get started here.
FAQs
Yes, it’s possible for supporting staff to access great deals and rates, especially if you’re in a permanent position with room to develop in your career pathway.
So, if you happen to be a police community support officer (PSCO), a special constable, or someone working within the administrative side of policing - it’s still well worth having a discussion with a specialist mortgage broker. They’ll be able to find you the best home loan for your situation.
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.