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Maximising mortgage potential with public sector pensions

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Public sector workers, such as NHS staff, teachers, the police, local authority workers and even the Armed Forces, can get an advantageous mortgage. However, it can be challenging and time-consuming searching for the right deal. Fortunately, there are several things you can do to maximise mortgage potential.

Get specialist help

If you want the most suitable mortgage deal, you need a broker that specialises in public sector mortgages. You need a service that offers bespoke advice, knows the range of mortgages available and will work with you and for you at every step of the process. It’s important that you use an independent broker with access to a wide number of mortgage providers. That’s what we offer at Public Sector Mortgages.  

Get your documents in order

You’ll need the same documents as any standard mortgage application, which may include:

  • At least 3 months of payslips
  • Proof of ID
  • A good credit score
  • Low debt-to-income ratio
  • Proof of address
  • Your deposit and proof of where the funds originated

For those working in the public sector that are self-employed, you’ll need tax returns and bank statements to prove your income.

The main difference between a standard mortgage and a public sector mortgage is that some lenders will offer preferential rates and deals for public sector workers. We work with these lenders to ensure you maximise your mortgage and get the most suitable deal possible. We can even help if you have a zero-hour contract, a lack of payslips, working a probationary period or have a difficult financial history. We understand the intricacies of income in the public sector.

How your public sector pension can help

Public sector workers generally have a defined benefit pension. This is also referred to as a final salary pension. This pension will give you an income from the moment you retire until you die. The amount of that pension depends on how long you’ve been a member of the scheme, your average salary or salary at the time of retirement and the pre-defined rate of your salary you’ll receive as a pension.  

The certainty and regularity of a public sector pension can help you obtain a mortgage. You’ll need to prove your membership in the scheme and the income you’ll receive when you retire. This will allow mortgage lenders to consider these funds when offering you a mortgage. It can be especially beneficial if you’re applying for a mortgage or remortgage later in life.  

When you retire, it’s also possible to take a lump sum out of your public sector pension. This can be used to clear a mortgage, downpay it or simply be held for emergencies. This can help reassure the mortgage lender of your ability to pay. Remember, you can usually access a pension from the age of 55, including withdrawing a lump sum.  

Being a public sector worker may get you preferential mortgage rates and benefits. It’s advisable to speak to our specialist team to help you find the right lender. 

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