Mortgages for the Police family – Frequently Asked Questions
Thu 26 Oct 2023
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 the Fee-Free Mortgage Advice Service provided by Tenet Mortgage Solutions Limited.
Their expert advisors can offer guidance if you're looking for a mortgage. In the meantime, here’s a quick rundown of some of the questions their mortgage advisors get asked most frequently.
Can I get a ‘guarantor mortgage’?
There’s actually no such thing as a ‘guarantor mortgage’ as such. However, it's not uncommon for people, especially first-time buyers to turn 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 a mortgage advisor.
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.
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. This can be around 15% of the property value.
PMGI Limited, trading as Police Mutual, has chosen Tenet Mortgage Solutions Limited, part of Tenet, to provide customers with a Mortgage Advice Service. Tenet Mortgage Solutions Limited will provide you with independent mortgage advice and will make a recommendation based on your circumstances and requirements. You will not receive advice or any recommendation from Police Mutual. If you take out a mortgage recommended by Tenet Mortgage Solutions Limited, PMGI Limited will receive a fee for this introduction. This fee is 24.8% of the money that Tenet Mortgage Solutions Limited receives as commission from the mortgage lender.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.
You can find out more about our the Fee-Free Mortgage Advice Service here.
Call Tenet Mortgage Solutions Limited on 01543 221 214
Lines are open: Mon-Fri 9.00am-5.00pm
PMGI Limited, trading as Police Mutual is authorised and regulated by the Financial Conduct Authority. Financial Services Register No.114942. Registered in England & Wales No. 1073408. Registered office: 80 Fenchurch Street, London, EC3M 4BY.
Type of article: Articles
Category: Owning a house
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