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Applying for a mortgage: are you aware of the help that’s available to you?

Mon 08 Jun 2020

Police Mortgages

Whether you’re buying your first home, thinking of re-mortgaging, or looking into a Buy-To-Let investment, it’s worth getting some good advice. Our FREE Mortgage Advice service is open to anyone in the Police family. Perhaps you’re wondering how you can get on the property ladder in the current climate. Or, you simply struggle to find the time to do any research into mortgages by the time your shift has finished.

This article reveals what help is available to you, and how we can guide you in finding the right mortgage.


First-time buyers and home-movers
With so many mortgages out there, it can be hard to know where to start. The good news is, our advisors are there to help you. They can offer whole of market advice, so they can recommend the best mortgage for you.

Perhaps the biggest challenge facing first-time buyers from the Police family is having a big enough deposit to put towards a property. Whereas in the past, a deposit of 5% may have been enough for a lender to consider a mortgage application, these days they’re more likely to require 10% - and even as much as 15% going forward. It’s for this reason that many first-time buyers from the Police family turn to their parents for help getting on the property ladder. Our Mortgage Advisors can guide you through the process of securing a mortgage with parental support.

It's worth noting too that a big proportion of the work our Mortgage Advisors do is helping first-time buyers. Not only do we allocate you with your own dedicated Mortgage Advisor, but your advisor will guide you through the entire process.


Help if you’re looking to buy a new-build home
If you’re thinking about buying a new-build home, then you might want to explore the Government’s Help to Buy Equity Loan scheme. It’s designed to help you buy a newly built home, with a deposit of as little as 5% of the value of the property. Similar schemes are run in Scotland, Wales and Northern Ireland. Wherever you’re based, our Mortgage Advisors can help you find the mortgage that’s most suitable for you – so you can move into the home of your dreams.


Help with re-mortgaging
If you are coming to the end of an introductory mortgage rate in the next few months, now could be a good time to start looking into re-mortgaging. With the Bank of England base rate currently standing at 0.1%, there are some competitive rates available so it could be worth getting in touch to see what your options are.

You could have other reasons for needing to remortgage too, of course. For example, you might want to free up some funds to make some home improvements, or even start a renovation project. Or you may need to look into remortgaging as a way to reduce your monthly outgoings, and using the extra money you have available each month to repay other debts you have.


Renting out your property
If you’re thinking of investing in a property with the intention of renting it out, there are a number of factors you need to be aware of. Firstly, the minimum deposit for a buy-to-let mortgage tends to be 25% of the property’s value, so it’s worth considering whether you have the funds available. The second thing to note is that the rates for Buy-To-Let mortgages tend to be higher than for a residential mortgage. So, again, you need to think carefully about whether you can afford it.

Our Mortgage Advisors are well-informed when it comes to Buy-To-Let mortgages, so if you feel you need more clarity, get in touch for some free advice.


Conveyancing support to get you moving
When it comes to the legal side of your home move, you can get support through Police Mutual Conveyancing, offered through Premier Property Lawyers. You get a dedicated conveyancer who stays in regular contact throughout the process, keeping you updated via email, text, phone call or letter, so you always know what’s going on.


What you can expect from our FREE Mortgage Advice service
Whatever your reason for needing a mortgage, you can get help through our Free Mortgage Advice Service. Our expert mortgage advisors do more than just offer advice. We’re there to guide you through the entire process, making the business of getting a mortgage much less daunting.

We have access to over 80 lenders and thousands of mortgage deals. Plus, unlike some other brokers, our mortgage advice is free – we don’t charge you any hidden fees. It’s also worth bearing in mind that our advisors have arranged mortgages for members of the Police family for many years. So, you can be confident that the advisor you speak to is well-equipped to guide you through the process.


You can find out more about our FREE Mortgage Advice Service here.

Call 01543 441 630
Lines are open: Mon-Fri 8.30am-5.30pm

Your home may be repossessed if you do not keep up repayments on your mortgage.


Mortgage Excellence Plc, trading as Police Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 03527577. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire, WS13 6QS. For your security, all telephone calls are recorded and may be monitored.

Type of article: Articles
Category: Owning a house

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