Police Mortgages: Four Questions to Ask

If you are a police officer and trying to find your first mortgage, you may find it hard to know what to look for. Here are four questions you need to ask your bank or building society about their mortgage product.

• Can you allow for my type of salary structure? If you’re in the police, your basic salary may be quite low, with the rest of your income made up of allowances. If the mortgage provider can’t take this into account, you may not be able to get a big enough mortgage.
• I may have to move around a lot as required by my job – would this be a problem? Police officers often find themselves transferred around the country if they are going to keep up with the demands of their career. Mortgage providers vary in the degree to which they can be flexible in transferring between properties.
• I sometimes find it hard to make ends meet – what happens if I fall behind? Police officers often find they have financial problems, and it can be hard to find help because your employers take a dim view of debt. You need to find a provider who can be sympathetic and flexible, and not over-punitive.
• The area where I work has very high housing costs but commuting would be a big strain on my family. What is the maximum I can borrow to live in this area? If you work in an area where property values are really high, the standard three-times-your-salary mortgage may not be enough. A good provider will be able to discuss ways of finding a mortgage that will enable you to buy what you need at a rate you can afford.

If you have difficulty finding a lender who can give you satisfactory answers to these questions, you might be better to seek out an independent mortgage broker. Nowadays there are police mortgages that can be tailored to your specific circumstances as a member of the police force. An independent mortgage broker will be best placed to help find the product that will suit you best. They will also understand your police pay structure. Police mortgages will also be available to police support staff.

Sean Horton is a Director of Police mortgage advice who offer specialist advice for police mortgages