Navigating mortgages as a firefighter can be challenging. Unlike many other people, you probably don’t work a 9-5. You probably do shift work, with long stretches followed by multiple days off. You may find yourself doing more work one month and less work another. Maybe you work on call and can’t predict exactly how much money you’ll be bringing in month to month because you may do more overtime one month than another. You may also have a second job which not all lenders will take into account. Shift work can come with a lot of benefits, but it can be hard to navigate a mortgage application when your payslips are a bit more changeable than the average Joe.
As well as making the money side of things more confusing, it can be hard for shift workers to make appointments with 9-5 workers. Maybe you’re on a 48/96 shift pattern and when you finish a shift you’re drained and need at least a day to recover - and you don’t want to meet someone at their office or have a phone call at 10:30 am.
What can a firefighter mortgage offer me?
A firefighter mortgage isn’t necessarily a whole mortgage just for firefighters - it’s often a perk attached to a regular mortgage that other people can apply for, but it has exclusive deals for firefighters. Most mortgage lenders will let you borrow up to 4.5 times your annual income, so if you earn £25,000, you could borrow up to £112,500. Depending on where you live, this might not be enough to get the property you have your eye on - or any property at all.
If you’re a firefighter, some lenders are willing to lend you a higher amount - sometimes up to 6x your annual income. As a public sector worker, your job is seen as more secure and your income more steady than someone in another sector.
If the mortgage lenders are advertising special rates for firefighters, there is also a good chance that they will understand the nature of your unconventional working patterns. They may know how to work with the fact that you might make more money one month and less the other. They will also factor in second jobs that you may have around your shifts - and will usually consider 100% of your second job’s income as well as your primary source of income and use both when calculating your mortgage affordibility.
Should I get a firefighter mortgage?
While there are definite benefits to a firefighter mortgage, it also might not be the right choice for you. They might come with higher fees or early redemption penalties that you may not want to deal with.
Take the strain out of looking for a lender and mortgage deal that has firefighters in mind by contacting Public Sector Mortgages on 03454504660.
