Police Mortgages

Finding Police Mortgages aren’t always as simple as it seems. Never more so for finding the time to get it sorted, with irregular hours and working shifts.

Whilst the key worker mortgage initiative is no longer available, certain professions can still get access to preferential mortgage rates due to their profession. If you work in the police force, it could be that you have access to preferential police mortgage rates with certain lenders.

Getting A Deposit

One of the main requirements of getting a mortgage is the deposit and police mortgages are no different. Typically, you need at least a 10% deposit against the price of the property. In absence of the key worker mortgage initiative, there is still the Help-to-buy scheme available where only 5% deposits are needed.

The greater the deposit, the lower your loan-to-value (LTV) ratio. An LTV ratio is a percentage that represents how much of the property price is covered in the mortgage. For example a £250,000 property with a £25,000 deposit is a 10% deposit and 90% LTV. The lower your LTV, the lower the interest rate you’re likely to be eligible for. A 70% LTV will secure a lower interest rate than a 90% LTV, so it pays to have a good deposit.

Understanding What You Can Borrow

Typically, lenders will allow you to borrow 4-5 times the applicants salary, but this is based on a number of factors, including the price of the property and the LTV, your income and your credit rating. It’s best to contact and independent mortgage broker to find out in the first instance.

Types of Police Mortgages

The two main types of mortgages are capital repayment and interest-only mortgages, these are also applicable over police mortgages.

Repayment mortgages are where you repay the capital and interest at the same time in your monthly repayments. This is more popular, as whilst monthly payments are larger, it means you’ll have paid off the mortgage at the end.

Interest-only mortgages are where you only repay the interest on the mortgage. Once the mortgage term ends, you’re still required to repay the amount you have borrowed.

There are then fixed rate, variable rate and tracker mortgages.

Fixed rate mortgages are contracts entered over 2-5 years (sometimes longer) where you pay the same amount every month, regardless of interest rate changes. This is good if you want to be sure of how much you’re paying every month for a set period of time. Also if interest rates rise, you continue to pay the same amount. In contrast, the downside is you may pay more should interest rates come down. Also, if you want to get out of your agreement before the contract ends, there are usually Early Repayment Charges (ERC’s) to be made.
Tracker mortgages are where the amount of interest you pay tracks the Bank of England base rate. These are good if you expect interest rates to stay low, but need to be sure you can make repayments if they are to rise. Assuming the base rate is 0.75%, a lender will apply a fee. Should the fee be 1.25%, you pay 2% interest on your mortgage. Should base rates rise to 1%, your interest rate rises to 2.25%.

Standard variable rate (SVR) mortgages are the basic mortgage a lender offers. SVRs go up and down, often in-line with the Bank of England base rate, but doesn’t ‘track’ in the same way as tracker mortgages. The rate is based on other factors. Say the Bank of England base rate increased, it doesn’t necessarily mean your SVR rate would either, or at least by the same amount.

Dan Churchouse
Dan Churchouse
We used Regal for our recently completed house purchase. The mortgage was a relatively complex arrangement given it consisted of two parts (a result of porting over the terms of an existing mortgage and adding additional debt on new terms) but Matthew Graves and Kirsti Newman were very clear in their articulation, making it easily digestible and allowing me to factor into monthly affordability. They were also speedy in their responses and clearly not biased to any one provider. I feel safe in the knowledge that I ended up with the best deal available and would highly recommend their services.
Taylor Joanne
Taylor Joanne
Excellent and professional service. Everything was handled and dealt with quickly.
Sue Vecchione
Sue Vecchione
Well worth the fee. Mortgage sorted in less than 48 hours. Fantastic service with great communication. Much recommended 😀
Harry Jackson
Harry Jackson
Matthew, Kirsti and Katie were all really helpful. Made sure that, as first time buyers, we understood everything that was going on and were always there to help if we needed them to. 100% would recommend you use them!
Michael Clarke
Michael Clarke
Karen and Kirsti have been invaluable in helping us through the mortgage application process for our first home. We would thoroughly recommend their services - it has saved us a lot of stress! Swift and considerate guidance and support throughout the process.
Ioana Tomut
Ioana Tomut
We have worked with Karen and are extremely happy with how she handled our account. This was the second time we have attempted to buy our first house and we have worked with another mortgage advisor before. While both were excellent in terms of service and communication, Karen's suggestions for solicitors and survey were significantly cheaper to what we were quoted last time. I greatly recommend them.
R Findlay
R Findlay
Thank you very much to Richard at Regal Finance for making our first home purchase run as smoothly as possible. Richard was available to provide us advice throughout the whole process and I would highly recommend using Richard at Regal Finance Group!
Sarah Carter
Sarah Carter
Absolutely brilliant! Alwasy go over and above and feel thoroughly looked after. Highly recommend.
Joe Alsford
Joe Alsford
I can not speak highly enough of the service I received from Richard Powers at Regal. Gave excellent clear advice, continually negotiating the best deal available. Went above and beyond, fantastic to have in your corner in what can be a stressful process!
Cannot recommend Regal Finance enough! Matthew and Kirsti were amazing and completely took the stress out of the process. They were always available to answer questions and guide us through everything. I found they had access to a wider range of products than other advisors I had used in the past. I will be recommending Regal Finance Group to everyone I know!


Use the form below


    Or Call Our Advisers Now

    0333 016 5416

    Get A Mortgage With Regal in 3 Easy Steps


    Step 1

    Complete an enquiry form and an advisor will call you back.


    Step 2

    Send us the documents we need.


    Step 3

    Receive a Decision in Principle from one of our lending panel.

    Got A Question? Get In Touch