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.

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.