Police Mortgages: Why Are Police Different?

When people hear about police mortgages, their first reaction is often to wonder why they should be necessary. What makes the police different?

The truth is that there are many factors in the life of a police officer that place them in a special situation.
• The police have unique shift patterns and working arrangements, which place a strain on family life. Many police marriages break down because of this.
• Police often cannot afford to buy property in the area where they work, and so may face huge commuting journeys. For instance many members of the Metropolitan police have to commute from as far away as Portsmouth, because of the over-heated London housing market. This can add two or more hours to their time away from home, and increase the strain on family life even further.
• Much of the income of a police officer is made up of allowances, with the basic salary often being quite low. Ordinary banks will often only consider the basic salary when discussing a mortgage and this places officers at a big disadvantage in areas of high property prices. There is a need for providers of police mortgages taking account of their special situation.
• Over the last few years there has been a notable increase in personal debt in the population at large, and this seems to have affected members of police forces especially acutely. In addition, debt can be extra difficult for police officers because debt and financial problems are frowned on by their employers and can lead to disciplinary measures. As a result, there is a tendency for police officers to conceal the problem and avoid seeking help, until things have gone beyond control. This can make it even more difficult for police officers to find the finances for housing.

What police officers need more than anything else is a financial provider who understands their special circumstances. Fortunately there are such providers who are happy to tailor their product to the special requirements of the police. If you are in this situation, look for an independent broker who can guide you in the right direction and help you find a police mortgage that is right for you.

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