Mortgages for Police Officers
The answer is no. For some reason there is this stigma attached to not being able to get a mortgage as a police officer, however, this needn’t be the case.
The easiest thing an officer could do is simply just look for mortgages, especially for police officers, however, this also needn’t be the case. You may run the risk of being ripped off, instead of going to a generalised financial advisor or mortgage provider.
Being accepted for a mortgage as a police officer really is a simple procedure. It bears no difference from any other standard occupation and can even have some benefits when you consider shift and overtime allowances.
Due to the nature of the job, you are able to factor in your additional payments of overtime allowances towards your income and what you can borrow. St. Barts Finance can help with all these finer details and find the right mortgage for you, whether this turns out to be police specific or not.
St. Barts are dedicated to finding the right mortgage at the right price.
For a quick glance at what you could be paying, why not try out our easy-to-use mortgage calculator.
Broker or Bank?
The next question is, where should you go for your mortgage advice?
Everyone naturally assumes that going to the bank you’ve had your current account with is going to make you the best offer, this however isn’t the case. And although your bank can work directly with you, they can also only offer you a mortgage within their limitations.
A broker, on the other hand, can shop around and find you a variety of options available for your current circumstances. By doing so, you could actually end up finding a really good mortgage deal, especially for police officers.
Because your broker is the one doing the research, you are less likely to be ripped off in this sense (as previously stated). If this is something that has you concerned, then using a broker could definitely help you come out with a more personalised mortgage, in comparison to a bank.
Banks aren’t the enemy here and of course, they can still offer you great mortgage advice, but a mortgage broker is just slightly more specialised in this situation. They are fortunate enough to be in a position where they can shop around for the best prices, which overall means potentially less interest for you.
In addition to this is the talk of interest rates, a bank is more likely to turn you away for a lower credit score, and sometimes with little explanation as to why and how you can improve this.
As mortgage brokers know all too well, they can certainly offer expert financial advice regarding your credit score. Whether this is paying off a card/student loan or making sure your voting postal address is up to date.