Can Firefighters Get a Better Mortgage?

As one of the most heroic jobs, I think we can all agree that firefighters play a crucial role in our society, and so shouldn’t be very difficult when it comes to securing a mortgage – right?

In reality, firefighters can run into a variety of problems when trying to secure a mortgage. In fact, it is not uncommon for lenders to challenge applications that have irregular working patterns, overtime calculations, or additional income – situations that are typical amongst the key workers and public sector workforce.

The good news is that there are a variety of options open to firefighters and key workers alike. In this article, we are going to explore the benefits of mortgages for firefighters and guide you through exactly how to maximise your chances of securing your ideal mortgage.

How Easy is it for Firefighters to Get a Mortgage?

Unfortunately, there is currently no such thing as a ‘Firefighter mortgage’ per say. Instead, just like any other profession, borrowers will still need to meet a standard mortgage eligibility criteria that will be set by the mortgage lender.

Fortunately, the occupational nature of being a firefighter means that you will typically be looked upon favourably by lenders. This is because the profession lends itself to having a stable income with a solid job security – we definitely will always need firefighters – and as such, many lenders will place firefighters in the low-risk category of borrowers.

Nevertheless, the ‘usual suspects’ – as we call them here at Boon Brokers – will still come into play when questioning the ease of getting a mortgage loan. These ‘suspects’ include:

• A good credit history.
• Proof of a stable employment and salary.
• The deposit amount.
• Passing an affordability assessment.
• Proof of identity.

It is important to note at this juncture that for on-call fire and rescue staff, there can be added difficulties of proving your income. Because some firefighters work on emergency call basis only, the income is likely to fluctuate depending on the availability of work. As such, calculating and providing an accurate report of consistent income vs outgoings could be tricky, with some lenders not accepting certain calculations.

Fortunately, as we will touch on in the following sections, there are specialist lenders and government schemes that can help navigate the complexities of securing a mortgage for firefighters and fire rescue staff who run into such situations.

What Are the Benefits of Getting a Mortgage as a Firefighter?

Generally speaking, there are several advantages that a firefighter will have when looking into securing a mortgage. These include:

• Job Stability: lenders will always look favourable on those with a reliable and steady income, making firefighters very attractive candidates.
• Flexible Income Lenders: some lenders will consider additional income from overtime, second jobs, or retained firefighter pay, which can help enhance the borrowed amount.
• Key Worker Considerations: some lenders also offer discounted interest rates for key workers that meet their criteria, helping reduce long-term costs.
• Access to Specialist Mortgage Deals: as a firefighter, there are specific firefighter mortgage benefits that are tailored for emergency service personnel.
• Government Schemes: firefighters can still access a variety of government initiatives that can make first-time homes much easier to afford.

In addition, full-time firefighters can also benefit from improved borrowing potential due to the predictable and regular nature of their salary and income.

Are There Any Specific Mortgages Available for Firefighters?

While there are no mortgages exclusively designated for firefighters, many lenders will provide specialist mortgages for firefights. These specialist mortgages are typically available to emergency service personnel and include firefighters, as well as other key worker professions.

The advantage of a specialist mortgage lender – particularly for firefighters on-call – is that they understand the difficulties that surround working life. As such, they can often be more flexible in their application criteria, allowing for a complete overview of income and can even provide enhanced bonuses to borrowing amounts, interest rates, and additional debt management plans. One such example would be the Hero Mortgage that is led by Kensington Mortgages. This specialist mortgage is specifically open to key workers in the public sector and could allow applicants to borrow up to five times their income with a multitude of other benefits.

Visit the Kensington Hero Mortgage portfolio to learn more about this opportunity.

What Government Mortgage Schemes Can Help Firefighters Get a Mortgage?

Opting for a government-led mortgage scheme can be a great way to benefit from new and pre-existing government initiatives. These schemes are designed to help those who do not fit the usual mortgage criterias set by lenders, and can help first-home buyers or those with irregular or lower incomes step onto the property ladder.

The great news is that all of these schemes are open to firefighters. So, let’s take a look at some of the most popular government schemes that are available today:

First Home Scheme

The First Home Scheme is – as the name would suggest – a government scheme designed to help first-time buyers purchase their first property. Fundamentally, the benefit of this scheme is that it will provide a discounted rate, typically 30% – 50%, off the entire market value of the property. As such, firefighters who are also looking to purchase their first home could massively benefit from the First Home scheme, as it makes affordability of a property much easier.

You can learn more about the First Home scheme by reading our guide – What is the First Home Scheme? – and discover all the advantages and disadvantages you need to know about this government scheme.

Shared Ownership Scheme

Being able to afford a mortgage for the full market value, including the typically large deposit amounts, is an incredible hurdle in today’s financial world to achieving that first-step onto the property ladder.

Fortunately, the Shared Ownership Scheme allows buyers to purchase a percentage of a property, typically between 25% and 75%, while they pay rent on the remaining share. This government scheme provides a ‘foot in the door’ by lowering the initial affordability requirements. In addition, you will have the opportunity to increase your share of the property over time, so that while your financial standing improves, you can increase the percentage of the property that you own – a method called staircasing.

Learn more about the Share Ownership scheme in our complete guide – Buying a Property with Shared Ownership – to find all the information you need to know about shared ownership.

Right to Buy Scheme

Firefighters who are currently living in council housing may also qualify for the Right to Buy scheme. This government-led scheme allows the tenant to purchase their home at a discounted price. It is difficult to provide an accurate percentage of the probable discount, for this will be calculated by the length of time occupied. In general, however, it follows that the longer you have been a tenant, the higher the discounted price.

How Much Can a Firefighter Expect to Borrow?

Knowing exactly how much you can expect to borrow is a great place to start before requesting a mortgage application. In fact, we would suggest using a mortgage calculator to help gauge your expectations and focus your sights on properties and mortgages that are likely to be available to you.

When asking “how much can a firefighters mortgage borrow?” It will directly depend on a variety of factors that are likely to change from case to case. These factors will include annual income, credit history, and any outstanding financial commitments or debts. As a general rule, lenders will use an income multiplier which usually ranges from 4 to 4.5 times an annual salary, with some specialist lenders potentially offering up to 5 times the annual salary amount.

However, if we take an overview of the average salary a firefighter can expect, then we can start to make some rough estimations that could help. For example, according to the Firefighter Salary and Benefits of WMFS, we can expect to see:

• Newly qualified firefighters earning £30,000 per year could borrow £120,000 – £150,000.
• Experienced firefighters earning £34,000 per year could borrow £136,000 – £153,000.
• Senior firefighters earning £37,000 per year could borrow £148,000 – £185,000.

As mentioned before, these figures are predictions that are based on recent annual salary findings and your specific case might be different. However, to help improve your borrowing potential and to find the best mortgage for your specific financial situation, using a mortgage broker can help identify leading lenders that are suited to you.

How Boon Brokers Help Firefighters Get the Best Mortgage Deals

At Boon Brokers, we specialise in helping all walks of life secure the best mortgages for their circumstances. And as a whole-of-market broker, we have access to a plethora of specialist lenders that are dedicated to providing unique mortgages for firefighters.

We are proud to be a fee-free mortgage broker, with expert staff that are waiting to help you. So if you’re a firefighter looking to secure a mortgage deal that is matched to you – Contact Boon Brokers Today – for mortgage advice that is tailored to your needs.