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- Yes, if you are looking for an alternative mortgage other than a traditional mortgage, as a firefighter you would be a strong candidate for a Help to Buy mortgage. We would, however, recommend speaking to a mortgage broker, one of our team can check see whether if this is the right mortgage for you.
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Oct 21, 2024 · One of the challenges of getting a mortgage as a firefighter is that your working hours don’t often suit those of lenders or brokers. We work with brokers who specialise in arranging mortgages for firefighters and understand the nature of the beast.
Sep 4, 2024 · Why you need a mortgage broker. As firefighters typically have more mortgage options than borrowers who work in non-key worker roles, it’s a good idea to talk to a broker to review every single one of them.
May 19, 2023 · Firefighters should seek mortgage support from specialist firefighter mortgage advisers. Learn more about the options in this article.
May 4, 2022 · If you need a firefighter mortgage, your next step should be to talk to a broker who has access to these lenders and specialises in helping public sector workers get the finance they need. We work with brokers who are experienced in arranging mortgage deals for firefighters and other key workers.
- Are There Specific Mortgages For Firefighters?
- Are There Specialist Lenders For Firefighters?
- Options For Fire and Rescue Workers
- Eligibility Factors
- How Much Can Firefighters Borrow?
- Calculating Income For Firefighters
- Improving Your Chances of Securing A Mortgage
- Using A Mortgage Broker For Your Firefighter Mortgage
While there may not be mortgage lenders exclusively for employees of the fire service, some lenders do offer more flexible terms for key workers, including those with unique pay structures. It’s important not to limit your options to these offers alone. As a mortgage broker, we will help you find the best lenders for your unique pay structure, ensu...
Building societies: Local and regional building societies are known for their flexible lending criteria and willingness to accommodate public sector workers. Examples include Nationwide, Yorkshire...Banks: High-street lenders such as Barclays, HSBC, Lloyds, and NatWest may offer competitive rates and special deals for public sector workers.Specialist lenders: Some lenders focus on specific professions or public sector workers, like the Teachers Building Society or Saffron Building Society.Mortgage brokers: Consider using a mortgage broker who specialises in public sector workers or has experience working with firefighter mortgages. They can help you navigate the market and find the...In addition, to specific lenders being more flexible with the keyworker pay structure and overtime, government schemes are available to help with home purchases. You will find schemes to help key workers as well as first-time buyers, and others who struggle to obtain a mortgage. These include: 1. Shared Ownership – Allows you to buy part of a prope...
While some eligibility factors are unique to your position as an emergency services worker, you’ll also need to meet lenders’ standard eligibility criteria, such as: 1. Affordability 2. Deposit amount 3. Loan-to-value ratio 4. Credit history and good credit rating 5. Property type 6. Employment length 7. Age Lenders have varying criteria, so factor...
Most lenders use income multiples to determine maximum borrowing capacity. Typically, this is 4.5 times the combined income of all borrowers. However, some providers will lend at five or even six times a firefighter’s salary. The average firefighter salary at the time of writing (May 2023) is around £33,652 per annum (according to Glassdoor). This ...
As a firefighter, your income may include basic salary, overtime, and potentially income from a second job. Some lenders may only consider your basic salary when calculating your borrowing power, while others will include a percentage of your overtime or second-job income. To maximise your borrowing potential, work with a broker who understands the...
There are several steps you can take to improve your chances of securing a mortgage as a firefighter: 1. Improve your credit score: Make sure you’re on the electoral roll, pay bills on time, and avoid maxing out credit cards. Check your credit report for any errors and dispute them if necessary. 2. Save a larger deposit: The larger your deposit, th...
To help you find the best mortgage rate for your unique situation, get in touch with a specialist broker. They can assess your financial circumstances and help you navigate the mortgage market, making the process smoother and more efficient. In summary, securing a mortgage as a firefighter requires careful consideration of your income and the avail...
Working with a mortgage broker experienced in helping firefighters can help you explore the different options. They can match you with lenders who consider your overtime and shift allowances effectively, and potentially access higher income multiples.
Many lenders will offer mortgages up to age 70, without requiring evidence of affordability into retirement. For active serving firefighters, the usual retirement age can be around 60, if not before. However, some fire brigades allow firefighters to work beyond this either in alternative departments or in another role.
