People who work within the police forces in the UK generally have very stable employment. Redundancy is virtually non-existent and many will have long careers with good police pay and associated benefits.
Because of this, police officers have a very good credit rating. Credit ratings are important when you need to apply for a credit card, loan or a mortgage. If you have a high credit rating then more lenders will be looking for your business and you can borrow higher amounts of money. You just have to remember to pay it back! Having a good credit score will mean that you are accepted for most types of credit that you apply for.
So what should you look out for when you need police mortgages. If you are a Police Officer looking for a police mortgage then it is best that you seek independent mortgage advice from an independent mortgage broker. Only an independent mortgage broker has the best pick of all of the mortgage lenders in the marketplace. You will also need to be confident that the mortgage broker understands the Police shift patterns, Police allowances and overtime, Police pay structure. Many of these mortgage brokers can also help police civil staff with police morgages. You will be able to obtain advice on a wide range of mortgage types such as; purchase mortgages, remortgages, buy to let mortgages, holiday let mortgages and capital raising mortgages.
A good mortgage broker will understand your needs and requirements and then find the best police mortgage for you. Rather than trying to convince you to take their limited offerings. They should discuss the mortgage repayment options such as interest only and capital and interest. What type of interest rate, should it be discount, variable, fixed or tracker? Over what term should the loan be repaid etc.. Only then can the most appropriate loan be recommended to you.
If you have a bad credit history because of missed loan payments or arrears then you need to speak to a broker who really knows about this types of mortgages. Do it wrong and your credit record will suffer. A broker who is familiar with credit problems will be able to quickly ascertain the best way forward for you.
So, for police mortgages seek and independent mortgage broker who knows about the police structure and pay.
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