18% of police say they 'almost never' have enough money to cover all their essentials
In a time of economic uncertainty and rising financial pressures, police officers across the UK are turning to specialist mortgage services designed specifically for their needs. For Chris Schutrups (pictured), managing director of police mortgages at The Mortgage Hut, having served as a police officer in Hampshire Constabulary, he knows all too well the demands of the job – and why having a hassle-free mortgage process is appreciated.
"I personally love the police,” he told Mortgage Introducer. “I love what they do. I think it's an exceptionally hard job and there’s an exceptionally high level of scrutiny, scrutiny which sometimes isn't founded. The level of pressure they're under for the amount of reward they get is really not a proportionate amount – which is why recruiting in the police is very challenging.
“Here, homeownership and stability creates longevity in people's careers. [Because] if you can't get a house, if you can't get stability in your home life, then you can't stay in a career for long. And so one of the challenges that the police [grapple with is that it’s] gone from a job which was a lifelong career to having relatively high turnover.”
What makes Police Mortgages stand out here is its deep integration with police federations. Schutrups works with 23 of the 48 UK Police Federations. Over 90-95% of police officers are federation members to whom they provide legal and financial support, while they complement that by offering fee-free mortgage advice. And, beyond mortgages, the company invests heavily in the police community.
‘You also have to understand that police pay structures vary’
“We donate close to £100,000 annually to police-related causes – bravery awards, charities, and even food banks for officers in need,” Schutrups said. “It’s a sad reality, but some officers rely on food banks, and we want to support them in every way possible.”
Schutrups said the key to success in the mortgage industry is specialisation. He told Mortgage Introducer that brokers should find their niche instead of trying to be everything to everyone.
“We see brokers who target teachers, nurses, doctors. Some specialise in IT contractors or GPs,” he said. “For us, it’s police officers. You also have to understand that police pay structures vary across forces due to different weighting allowances. We ensure officers understand the benefits available to them, helping them avoid being under or over-insured.”
‘Hardworking police officers have seen their mortgage payments double’
However, with rising interest rates, many officers are struggling. Data from the UK Police Federation found that 78% of police officers are “dissatisfied” or “very dissatisfied” with their overall remuneration (including basic pay and allowances), while 18% say they “never” or “almost never” have enough money to cover all their essentials.
“Hardworking police officers have seen their mortgage payments double while their pay hasn’t kept up,” Schutrups said. “Unlike other professions, officers can’t just work two hours of overtime to make ends meet – there’s no budget for that. If an officer is struggling, it could become a security risk. Financial pressure can make someone more susceptible to corruption or bribery. I’ve never seen it happen personally, but the logic is there. It’s critical to provide financial stability.”
For new officers, affordability is a key concern. Schutrups said that he’s seeing younger officers looking at shared ownership schemes, joint borrower sole proprietor mortgages where a parent helps with affordability, and lenders like Kensington offering “Heroes” mortgage ranges. And there's also a clear north-south divide when it comes to affordability.
“In the North, police pay stretches further, so we see more first-time buyers,” Schutrups said. “In the South, officers are more likely to refinance to manage higher living costs. There used to be key worker housing schemes under previous governments, but there’s been little focus on ensuring that police, military, NHS workers, and other emergency services have access to affordable homes. These are the people who protect society – why aren’t we doing more for them?”
‘Find a segment that’s underserved, where you can become an expert’
Because at the heart of Police Mortgages’ success is trust and collaboration.
“Police officers work long, antisocial hours and don’t have time to shop around for a mortgage,” Schutrups said. “They rely on recommendations from federations and colleagues. We make sure they know we have their back, we’re fee-free, and we have their best interests at heart. We started with Hampshire Police Federation, and word spread. Officers would see me at the station and say, ‘You’re the guy who does mortgages!’ That’s how it grew.”
And, for those looking to carve out a successful niche, Schutrups has some sage advice.
“Find a segment that’s underserved, where you can become an expert. Maybe it’s a profession you understand because of a family connection. Build trust, deliver great outcomes, and the business will follow.”
