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Mortgages for firefighters

Author: Myles Robinson - Expert Finance Advisor

Posted: Jul 7, 2022

Mortgages for firefighters

As a mortgage broker, we have a few mortgage providers lending a firefighter mortgage. Our specialist lenders will ensure you have the best mortgage deal on the market.

Many mortgage companies offer mortgages to firefighters but you may not get the best mortgage deal. As mortgage brokers, we will ensure to give you the best mortgage advice and introduce you to the right mortgage lender to match your needs.

Both high street lenders and specialist lenders will offer mortgages to firefighters.

Do you prefer to speak to someone who is experienced in getting mortgages for firefighters?

Contact us today or send a quick enquiry. Our whole-of-market brokers have extensive experience in finding the best mortgage deals for firefighters and other key workers.

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Is there a mortgage specifically for firefighters?

Yes, there are mortgage products available for firefighters and other key workers that are specifically tailored to the needs of those who work in this area.

You might have trouble finding a mortgage deal if you are a firefighter.

It can be difficult to find the right place to begin your mortgage search due to unpredictable shift patterns and limited office hours.

Even if you have the information, it can be difficult to understand which fighter mortgages are best for you.

Talk to an expert mortgage broker about mortgages for key employees in the public sector. We can be reached at any time. Contact today to make an enquiry. We’ll connect you with someone who will give mortgage advice and answer all your questions and do a lot of the legwork.

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Qualifying for a mortgage as a firefighter

Some lenders offer mortgages specifically for firefighters. However, most lenders expect you to meet their standard borrower eligibility criteria.

Lenders will usually assess:

  • How much money do you wish to borrow
  • What mortgage deposit do you have?
  • You choose the type of property that you want to purchase
  • Employment (how long you have been working in the same job) usually counts.
  • Credit rating
  • Your mortgage affordability is a combination of your income and your outgoings.

Talking to a specialist in mortgages is a great way to find out how easy it might be to obtain a mortgage and how easy it will be to access the best deals.

We work with mortgage brokers who have access to all UK lenders. As mortgage broker, we have lenders that specialise in mortgages for firefighters. They can connect you with advisors who will help you find the best deal for you.

What should I do if I am a firefighter and I have difficulty getting a mortgage?

A Help to Buy Mortgage is one option. However, it’s worth seeking specialist advice before you consider other options.

Help to Buy, also known as HTB, is a government-funded program that provides financial assistance to people who can afford to buy. You would be a good candidate for this scheme if you are a firefighter.

Two schemes make up Help to Buy:

  1. Loan to buy equity
  2. Help to Buy Shared Ownership

Talk to a mortgage broker to get the answers you need and to explain everything you are looking for.

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Mortgage deals for firefighters

Technically, firefighters can apply for the same mortgage products as the general population. These include interest-only mortgages and repayment and fixed-rate mortgages.

Fortunately, there are many mortgage lenders that offer mortgage products for firefighters. However, most are not on the high street so they are difficult to find.

Firefighter status means that you can earn more and have greater job security than those working in the private sector. Specialist lenders offer mortgage deals that allow you to borrow up to five-fold your income.

This type of mortgage is usually available to those under 40 who have a minimum deposit of 10%.

Deals like these can have higher fees and more severe penalties, which could make them less appealing than they appear. These are the kinds of things a specialist mortgage broker can advise you on.

You may not have the most specific requirements or have a low credit score. It’s worth looking around for a better deal.

What is the maximum amount I can borrow for a mortgage for a firefighter?

It was reported that the average national salary for a firefighter in July 2019 was £31,302 per year.

On the basis of a £31,000 average firefighter’s salary, you can expect to be eligible to borrow up to PS139,000.500 from a high-street lender.

If you find a lender that offers specific mortgage deals to firefighters, you can borrow up to £155,000. This assumes the maximum 5x salary offered by specialist mortgage lenders.

You can borrow more if you are a Watch Manager, Crew Manager, Station Manager, or Area Manager depending on your salary.

You will be able to borrow less if you are still in training, but you should still qualify for a mortgage even if your training is just beginning.

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What are the eligibility criteria set out by mortgage lenders

You will need to meet the requirements of almost all lenders if you want to apply for a mortgage as a firefighter mortgage. These are:

  • The amount you wish to borrow: Lenders limit the amount to 4.5 times your income. However, professionals such as firefighters may be able to borrow more.
  • What amount deposit you need: You will usually need at least 10% of the property’s worth, although 5% deposit mortgages may be available in certain circumstances.
  • It doesn’t matter what type of property you’re buying. A specialist lender may be required if the property’s ‘non-standard. I.e. Made from other materials than bricks and mortar, a listed building or a high-rise apartment.
  • Lenders will require proof of income. Most lenders will request 3 to 6 months’ worth of payslips.
  • Your employment history: How many years you have been a firefighter?
  • Credit history: A broker can help you find a lender that is more likely to take you in if your credit score is not good.

An affordability assessment is also required. This involves the lender reviewing your monthly bills and earnings to determine if you are able to pay your mortgage payments, even if interest rates rise.

You will likely need to meet additional requirements in order to qualify for a mortgage as a key worker or firefighter, such as having completed your training.

What are the advantages of a mortgage for firefighters?

The typical mortgage lender will allow applicants up to 4.5 times their annual income. For example, if you make £30,000 per year, the maximum amount you can borrow for a house purchase is £135,000. Sometimes, this might not be enough to purchase the property you desire.

For members of the fire department, lenders may allow you to borrow more than your annual income. This is because some lenders are willing to lend money at a higher income multiple, such as 5, 5.5, or 6 times your annual income. Because you are a public sector worker, your job security is better and you have a steady income. A higher borrowing multiple can help to afford your dream home.

This is not the only benefit. Your income as a firefighter may fluctuate due to overtime and shift work. You may also have a second job that works around your shifts. These additional earnings may not be considered by mainstream lenders, but lenders who are more familiar with offering home loans to firefighters will be more willing to process your application.

When calculating your mortgage affordability, these lenders will usually consider your second and overtime incomes. Firefighters could also receive preferential interest rates for their home loans: Vida Homeloans, for example, offers lower rates to key workers than its standard product range.

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Are firefighter mortgages more beneficial than regular mortgages?

Not necessarily. You are not limited to firefighter mortgages. You can also apply for the same deals that the rest of us, regardless of whether it’s a fixed rate, tracker or interest-only mortgage.

Mortgages for firefighters might offer greater income multipliers and preferential rates. However, these deals may not suit your needs as they could come with higher fees and tougher early redemption penalties.

It’s also important to compare rates from different lenders. Just because a lender offers a discount for firefighters does not mean that it is the best.

A mortgage advisor can help you save money. Our advisors have access to all the markets and can help save you money by finding the best deal for your situation. This could be a special lender or a firefighter mortgage.

How to get a mortgage for a firefighter

A mortgage broker who specialises in key worker or firefighter mortgages is the best way to obtain a firefighter mortgage.

Our brokers have extensive market experience and a deep understanding of the different lenders that might offer mortgages to meet your specific needs.

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Are firefighters eligible for mortgage assistance?

They do. There are many other products and schemes that can help emergency service workers get onto the property ladder, in addition to firefighter mortgages. These include:

Help to Buy

The Help to Buy Equity Loan scheme lets you buy a property new-built with only a 5% deposit and an interest-free government loan of 20% (or 40 if you are in London). This will make your monthly mortgage payment more affordable.

Part Ownership

This scheme allows you to purchase a part of a property, and then rent the remainder from a housing association. You can also buy more property in the future. Firefighters are a strong candidate for Shared Ownership properties.

First Homes

This is a newer scheme. The first First Homes properties went on the marketplace in June 2021. New builds are eligible for a 30% discount for first-time buyers or key workers.

Right to Buy

The Right to Buy program allows you to purchase your property if you are renting a property from a housing association or council.

Talk to a mortgage broker who specialises in mortgages for firefighters

We can help you find a mortgage lender who is experienced in mortgages for firefighters by contacting today or making a quick online enquiry.

We work with brokers that cover all markets and have access to all UK mortgage lenders.

We will introduce you to an experienced broker, who will be happy to answer any questions you have and provide advice about the various mortgages that might suit your needs so contact us today

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