Fire Service Mortgages

fire service mortgages – Where We Can Help

Most lenders assess income, employment stability, and credit score. Firefighters can also benefit from products that consider:

• Income from overtime and additional shifts.
• Professional allowances or bonuses specific to firefighting.

At Home Group Financial we work with lenders and our Advisers fully understand the complexities of those working within Fire Service sector including:

• Fixed-Rate Mortgages: Ideal for those wanting predictable monthly payments.
• Variable-Rate Mortgages: Flexible rates that adjust with market conditions.
• Interest-Only Mortgages: Allows lower monthly payments, with the balance due at term’s end.
• Shared Ownership Schemes: Government-supported options, especially helpful for first-time buyers.
• Adverse Credit Mortgages: Options for firefighters with less-than-perfect credit histories.

Our scope searching is a comprehensive range of lenders from across the market meaning we have a wide range of options to find the most suitable mortgage for you.

How do lenders assess a firefighter’s income, especially when it includes overtime and shift allowances?

Lenders generally assess your income using your up-to-date basic pay as defined in your contract. For additional income like overtime, they typically look for an average over a three, six, or twelve-month period, depending on their specific criteria.

Some lenders will accept 100% of your shift allowances because they are a guaranteed part of your contract. When it comes to overtime, they are looking for a consistent track record. The goal is to identify a lender that will consider the right period of overtime to help maximise your borrowing capability.

What challenges do fire service professionals face when applying for a mortgage compared to other employed applicants?

The primary challenge for fire service professionals is variable pay, such as call-out, standby, and overtime payments. These elements can make the income assessment more complex than for standard employed applicants.

To address this, advisors look at a longer history of earnings, usually over three to twelve months, to find a lender comfortable with variable pay or fixed-term contracts.

It is essential to choose a lender that understands how your income is constructed and takes a comprehensive view of your earnings over time.

Can a retained firefighter get a mortgage based on their retainer income, or do they need additional earnings?

Yes, retained firefighters can use their retainer income. If there is a minimum guarantee, this can be used as standard income alongside any other earnings you may have.

For variable elements like call-out and standby pay, lenders generally require a track record over three to twelve months. There are lenders who will consider this income either as a primary source or as an addition to other earnings.

Some lenders will even take 100% of these retained firefighting earnings into account when calculating your mortgage.

Are there any mortgage products or schemes particularly suited to emergency service workers?

While there were historically specific schemes for key workers in the new-build sector, these are now typically managed on a local basis. It is worth contacting local authorities or housing associations to see if they offer schemes like Shared Ownership, Rent to Buy, or discount market properties, which are sometimes offered to key workers on a first-come, first-served basis.

Regarding specific mortgage products, there are no exclusive schemes available for firefighters or emergency service workers. The key is to work with a financial adviser who understands the nature of your variable income and can match you with a lender that recognises your individual circumstances and pay structure.