Public sector mortgages could be right for you if you are employed within government services. These services include the NHS, state schools, local councils, the civil service, the Armed Forces and emergency services. Here at Public Sector Mortgages, we specialise in helping people like you to get the mortgage that suits your circumstances best.
Which professions are eligible?
If you work for the NHS as a doctor, midwife, paramedic, healthcare assistant or in some other capacity, it is possible to be matched with a mortgage provider that understands NHS pay structures. Some of these providers will take extra pay for night work, weekends or overtime into consideration when making a decision.
Those who work in state schools or other educational establishments which are funded by the government may be eligible for a public sector mortgage.
This includes teachers, teaching assistants and other professionals who work within these settings. Your employment status and contract are taken into consideration. This means that if you’re a supply teacher, work part-time or are at the beginning of your teaching career, it is important to ascertain how your income will be assessed for a mortgage.
You may qualify for a public sector mortgage if you work for the police force or the fire service, whether that is as a police officer, firefighter or support staff. There are lenders out there who are happy to provide mortgages on the basis of shift work, overtime or special allowances.
Those who work as civil servants and for local councils in areas such as administration, planning, environmental services, social care and refuse collection may be eligible for this type of mortgage. The status of your contract and its terms are considered by lenders.
If you are employed by the Armed Forces, some mortgage providers will take the type of work you do, deployments, military accommodation and special allowances into consideration.
What impact does public sector employment have on a mortgage?
Many of these types of roles are easily assessed by mortgage providers because they have clear salaries and pay scales plus robust contracts. Some lenders base their income calculations solely on basic salary, while others may consider regular extra hours provided these are evidenced in payslips and bank statements.
Part-time or temporary workers, or those on probation will be viewed differently, and may require more comprehensive evidence to secure a mortgage. Recent job changes can also have an impact.
Mortgage lenders must assess whether repayments are affordable, taking account of a borrower's income and expenditure. For more information, read the FCA's guidance on how mortgage lenders assess affordability.
Is there a dedicated public sector mortgage?
There is not a single public sector mortgage that is applicable to all. However, some lenders have a better understanding of this type of employment and can take specific aspects of public sector employment into consideration. You can get professional support and guidance in securing the appropriate funding for your home and circumstances by contacting Public Sector Mortgages.
