Police staff mortgage service
With the housing market starting to improve, this could be the ideal time to
buy your first home before prices rapidly increase. Mortgage choices can be
overwhelming so you need a service that will look after your best interests –
while co-ownership and key-worker schemes get you on the property ladder
Popular ways of getting onto
the property ladder are
through co-ownership and
key-worker schemes. This
is where you typically own
up to 50% of the property and a
housing association owns the
remaining portion so you only
need a mortgage for the proportion
you own.
The advertisements below
and left provide more information
on shared ownership and keyworker
schemes.
Police officers and staff can
arrange a mortgage with Police
Mutual, who offers a range of
options including shared ownership
and key-worker schemes.
One call to the Police Mutual
Mortgage Service – provided in
association with Britannia Building
Society, the second-largest
building society in the UK – can
give you all the help you need.
The benefits
● £150 cashback on completion
of your application for
members who are first-time
buyers, taking out a new Buy
to Let mortgage, moving
home or remortgaging to
Britannia from another lender
● Find the mortgage that suits
your needs – a whole range
of products are available,
which can be interest only or
repayment mortgages (early repayment
charges and set
up fees may apply)
● Available to first-time buyers,
movers and those looking to
remortgage
● Borrow during your force
probationary period. Police
Mutual receives a maximum
fee of £100 for every £100,000 of the Police
Mutual mortgages owing each
year – which we invest into
our member funds.
Interest-only mortgage
With an interest-only mortgage,
you only pay the interest charged
on the money you’ve borrowed,
and at the end of an agreed term
you pay the balance with a lump
sum.
While this may seem cheaper
on a month-by-month basis,
you’ll need a way to pay your
mortgage at the end of the
term.
There are a number of ways
you can do this, including taking
a Police Mutual Regular Savings
plan. You need to make sure you save enough each month to be
able to pay the balance at the
end of the term.
Repayment mortgage
With a repayment mortgage you
borrow a sum for an agreed term. Your monthly payments pay both
your interest and some of the
capital borrowed.
While this may mean bigger
monthly payments, it also means
that the loan is guaranteed to be
repaid after the agreed term as
long as you keep up with your
payments.
Life cover
With a any type of mortgage you
should consider whether you
need life insurance cover to
ensure the mortgage can be paid
back if you die.
Life cover isn’t automatically
included with your mortgage, so
you can shop around to find the
cover that best suits your needs.
Police Mutual offers a competitive
Mortgage Protection Plan
that may be suitable for you.
Moving your mortgage
Mortgages on offer are continually
changing – as are your needs. The mortgage you took out in the
past might not be the most suitable
any more, and moving your
mortgage could save you money
in the long term.
It’s important that you weigh
up the benefits and costs of different
mortgages. You don’t have
to change the term or repayment
method if you don’t want to.
Moving your mortgage may
mean your current mortgage supplier
applies early-repayment
charges to allow you to do this.
It’s your choice
Want to fix your mortgage and
make the most of current low
interest rates? It’s your mortgage,
your choice.
Police Mutual and Britannia
have joined forces to offer you a
great mortgage service. Britannia
was rated the best overall fixedrate
mortgage pro-vider in 2008
so if you’re worried about your
next mortgage, let Britannia
guide you through your options.
There’s no obligation and it
won’t cost you a penny – but
could save you a lot of worry. So if you’re looking to fix your
mortgage rate, talk to us today
and, as a police staff member, you’ll receive £150 cashback on
completion of your mortgage.
Please note that the £150
cashback applies to first-time
buyers, customers requiring a new
Buy to Let mortgage, customers
moving home and customers
remortgaging to Britannia from
another lender, however, the
cashback does not apply to
existing borrowers taking a new
mortgage product and/or taking
further borrowing.
Early-repayment charges
apply for the duration of a fixedrate
period.
To talk to our dedicated
mortgage team call 0845 120
6353 (Monday-Friday 8am-8pm,
Saturdays 9am-1pm) or visit www.pmas.co.uk
Your home may be repossessed
if you do not keep up repayments
on your mortgage. |
