Police Mortgages provides an update on the recent Budget, exploring what it means for the mortgage and housing market and the potential impact on the police community.
Following last week’s Autumn Budget, many police officers and staff are asking what it means for buying a home, moving, or remortgaging. Here’s a quick summary of the changes, and how Police Mortgages can help, with no broker fees for police officers, police staff, special constables, volunteers and family members.
What the Budget means for you
Stamp duty hasn’t changed. If you’ve been holding off a move waiting to see what happened, there’s no longer any reason to wait. First-time buyers still pay no stamp duty on homes up to £300,000.
New help for first-time buyers. The new “Your First Home” scheme will offer a government equity loan of 20% on new-build homes, with deposits from just 2.5%. The first loans are expected from April 2027.
If you’re buying a resale home, you don’t need to wait as there are mortgages available now from 3% deposit.
Lifetime ISA holders. The penalty for using a Lifetime ISA on a home above £450,000 has been reduced, which may open options if your deposit is tied up in one.
Rates. Forecasts suggest mortgage rates may drift upwards over the next few years. If your fixed rate ends in the next six months, now is a good time to look at your options, as a new rate can often be secured well in advance.
Why Police Mortgages?
Police income isn’t always straightforward. Overtime, shift allowances, varied rotas and pension contributions can all affect how much you’re able to borrow, and lenders treat them differently. We specialise in mortgages for the police community, know which lenders understand police pay, and we waive all of our fees for police officers, police staff, special constables, volunteers and family members.
So expert advice costs you nothing from us. Whether you’re:
A first-time buyer
Moving home
Coming to the end of a fixed rate
Looking to raise money for home improvements
Buying a second property or rental
We can also review your protection cover, so you know how your existing benefits fit with your mortgage and your family’s needs.
Book your fee-free mortgage advice appointment at a time to suit you.
