Mortgages for the Police family – Frequently Asked Questions
Thu 30 Jul 2020
With so many mortgages on the market, you may have a lot of questions when you first start doing your research. It’s hard enough to find the time when you’re working 9 to 5 and it can be even tougher if you’re working all hours in your role with the Police.
If you’re looking for some clarity, a useful first step is to look at our Free Mortgage Advice Service. Our expert advisors are always on hand to offer guidance, whatever stage you’re at in the mortgage process. In the meantime, here’s a quick rundown of some of the questions they get asked most frequently.
Can I get a ‘guarantor mortgage’?
There’s actually no such thing as a ‘guarantor mortgage’ as such. However, what we do see a lot, particularly amongst first-time buyers, is people turning to their parents for financial support. Sometimes this could mean your parents contributing towards the deposit you need to put down. But it could also involve them acting as ‘guarantor’ on any mortgage you take out. This means that they would be responsible for making payments on your mortgage, if you were unable to. If you think you’ll need financial help from your parents when taking out your mortgage, it’s worth having a chat with our mortgage advisors.
What size of mortgage can I get?
The amount of money you can borrow depends on a number of factors, including your income, credit rating, how much of a deposit you can put down and the value of the property you wish to buy. Traditionally lenders would lend no more than four times your salary, however many have individual affordability calculators which will help you establish roughly how much you could borrow.
Do I have to have worked in the Police for a certain length of time before applying for a mortgage?
Broadly speaking, the longer you’ve been in your job the better, as far as mortgage lenders are concerned. Lenders require proof of your income before approving a mortgage application. They may ask to see up to 3 months worth of payslips. If you have been in your role for less time than that, you might need to provide other evidence to support your application. That said, there are some lenders who will consider mortgage applications from people who have only just started their career in the Police. If you’re unsure where you stand, it’s worth getting some free advice from our mortgage experts.
Can I get a joint mortgage?
If you and your partner are looking to buy a home together, it makes sense to get a joint mortgage. The biggest advantage in doing so is that it could increase your buying power. This is because the amount of money you can borrow is based on your income (amongst other things). So, when considering your application, your mortgage provider will look at you and your partner’s combined salary.
How much of a deposit do I need?
The amount of deposit you will need to buy a home depends firstly on how much the property you wish to purchase is valued at. In the past, mortgage providers might have only required a deposit of 5%, but in recent years it’s more common for you to need a deposit of 10% of the property value. It could be that this rises to 15% depending on how the economic situation unfolds in the future.
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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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