Civil Servant Mortgages

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Civil Servant Mortgages

Chirag Patel talks to us about the mortgage process for civil servants.

What is a civil servant mortgage?

A civil servant mortgage is just a mortgage product designed for public sector employees. These often offer more favourable terms, such as lower interest rates or higher borrowing limits than than a standard, comparable mortgage.

What occupations are classed as civil servants?

Civil servants include employees in roles like teachers, police officers, nurses and government workers – essentially it’s those in public sector positions.

How long do you have to be in employment before you can get a mortgage as a civil servant?

Typically lenders would want civil servants to have been employed for at least three to six months, although some can accept less time if you’ve been in the same line of employment for at least a year. That will apply even if you’ve started the latest role in the last month.

What are the mortgage schemes available for civil servants?

Civil servants may be eligible for a range of mortgage schemes including government backed schemes. For example, there’s Forces Help to Buy.

They might be eligible for higher Loan to Value ratios or reduced deposit requirements, as a lot of lenders will see their positions as quite stable with the government or a local authority as their employer.

How much can a civil servant borrow?

It’s subject to individual circumstances and borrowing limits can vary, but in general terms they can often borrow up to five times their annual salary with a number of high street lenders. It all depends on the specific lender’s criteria.

How much mortgage can a civil servant get?

Again, it’s subject to the individual lender’s assessment, but they could achieve up to five times their annual income.

How do lenders view applicants employed in the civil service?

Generally speaking, lenders consider civil servants to be low risk borrowers, due to job stability. This can lead to more favourable loan terms and conditions. Ultimately their pay comes from the government, which is probably the most stable employer in the country.

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We support clients through a daunting process, looking at your circumstances and taking time to understand your priorities. We then research the market for the most appropriate options based on those needs.

What is the process for securing a civil servant mortgage?

It’s based on proving your employment and income, undergoing credit checks and then there’s a valuation once you’ve found a property. At that point you can secure a mortgage offer from a lender. It’s no different from a standard application.

Why do civil servants have access to better deals?

Civil servants are often seen as reliable due to the stability of public sector jobs. This can encourage lenders to offer more competitive terms, on occasion, to this particular area of the market.

What mortgage benefits do civil servants get?

Civil servants might receive advantages like lower interest rates, higher loan amounts and lower deposit requirements compared with other borrowers. This is especially the case if they’re eligible for a government backed housing scheme.

If a civil servant is posted abroad will they still be able to get a mortgage?

Civil servants posted abroad can still be eligible for a mortgage, but the specific terms will depend on the lender.

Some lenders will look at what currency they’re being paid in, how long they’ve been in continuous employment and of course what level of income they’re receiving. Whilst I wouldn’t say all lenders will offer this, there will be options in the market.

What is the maximum age a civil servant can get a mortgage?

Normally the lender sets a maximum retirement age of 70, but if you’re in a non-manual, office-based profession, a number of lenders can accept a retirement age of up to 75.

The main thing is that the loan has to end before the applicant’s retirement age. In most instances, the mortgage term would go up to age 69 or age 74, depending on the client’s specific circumstances.

How can a mortgage broker help here?

A mortgage broker’s job is to make life easier. A client could spend hours and hours trawling the internet, trying to understand the terminology and attempting to keep up with the latest rates and underwriting criteria. Most people do have a life, though.

A mortgage broker can assist by going through all the mortgage options for civil servants, help them understand the eligibility criteria and then really guide them through the whole application process.

I’ve just done that recently for a police officer and her husband, who was working for the Ministry of Defence in London. Because of the various allowances, and some backdated and historic arrears, they had received some lump sums. We had to help them decipher all that language to ensure it makes sense to a lender.

These are areas where a broker can be really useful and can speed up the process. We help you obtain that mortgage more efficiently and at the most competitive rates available to you.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

There may be a fee for mortgage advice. The precise amount will depend upon your circumstances, but we estimate it will be £499.

Chirag Patel trading as CKN Mortgages is an Appointed Representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.