Police Mutual Mortgage Service
PMAS Mortgage Service
Buying a house is likely to be the biggest
financial commitment you’ll ever make. The choices can be
overwhelming – so you need to talk to someone you can trust, who’ll
keep it simple, and who’ll look after your best interests.
One call to the PMAS Mortgage Service –
provided in association with Britannia Building Society, the second
largest building society in the UK – can give you all the help you
need.
The benefits
- £150 cashback on completion of your
application
- Find the mortgage which suits your needs -
choose between fixed, flexible, offset and tracker which can
be interest only or repayment mortgages
- Available to first time buyers, movers and
those looking to remortgage
- Borrow during your force probationary
period
Police Mutual receive a maximum fee of £100
for every £100,000 of the Police Mutual mortgages owing each year –
which we invest into our member funds.
Initial set up fees may apply. Early repayment
charges will apply for the term of any fixed period.
YOUR HOME MAY BE REPOSSESSED IF
YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
What are my mortgage options?
Interest only mortgage
With an interest only mortgage, you just pay
the interest charged on the money you’ve borrowed, and at the end
of an agreed term (usually around 25 years) you pay the balance
with a lump sum.
While this may seem cheaper on a
month-by-month basis, you’ll need a way to pay your mortgage at the
end of the term. There are a number of ways you can do this,
including taking a PMAS Regular Savings plan. You need to make sure
you save enough each month to be able to pay the balance at the end
of the term.
You can find more details of the PMAS Regular Savings Plan
here.
Repayment mortgage
With a repayment mortgage you borrow a sum for
an agreed term. Your monthly payments pay both your interest
and some of the capital borrowed.
While this may mean bigger monthly payments,
it also means the loan is guaranteed to be repaid after
the agreed term as long as you keep up with your payments.
Life cover
With a repayment mortgage you’ll need life
cover to ensure it’s paid back if you die. Life cover isn’t
automatically included with your mortgage, so you can shop around
to find the cover which best suits your needs.
Police Mutual offers a competitive Mortgage Protection Plan which
may be suitable for you.
Moving your mortgage
Mortgages on offer are continually changing – as are your needs.
The mortgage you took out in the past might not be the most
suitable any more, and moving your mortgage could save you money in
the long term.
It’s important that you weigh up the benefits
and costs of different mortgages. You don’t have to change the term
or repayment method if you don’t want to. Moving your mortgage may
mean your current mortgage supplier applies early repayment
charges to allow you to do this.
YOUR HOME MAY BE REPOSSESSED IF
YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
How to apply
Call us on
0845 88 22 999 and we will
transfer you to a specialist mortgage advisor.
For more details visit the Britannia
website.