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Choosing A Public Sector Mortgage Broker: What Should You Look For?
If you work in the public sector, choosing the right public sector mortgage broker can matter because there can be more to your income than the basic salary on your payslip.
While there isn’t a separate mortgage product, as such, for public-sector employees, there can be important differences in how lenders assess your income and employment circumstances.
Overtime, allowances, salary scales and changes in your career can all be relevant, and different lenders can take different approaches to each.
A mortgage broker who understands the public sector should understand those differences too.
So, what should you look for when choosing one?
What should you look for when choosing a public sector mortgage broker?
#1. They should understand more than your basic salary
Depending on your job, your regular income might include overtime, shift payments, allowances or other payments on top of your basic salary. You may also be moving through an incremental salary scale.
Some lenders will take more of this income into account than others.
The important thing is knowing what can potentially be included, what evidence a lender will need and whether a particular lender’s approach works for your circumstances.
The same applies to salary scales. In some public-sector roles, certain lenders may take future salary progression into account when assessing income.
None of this automatically means you can borrow more. But it does mean that looking only at your basic salary may not give you the full picture.
A broker who regularly works with public-sector employees should know what to look for.
You shouldn’t have to explain your payslip to the person advising you on your mortgage.
#2. They should help you see the full picture
Suppose one lender is prepared to take more of your overtime or allowances into account, or assess your income at a future point on your salary scale.
That could improve your borrowing capacity.
But it doesn’t automatically make that lender your best option.
Another lender may offer a more suitable mortgage product or a better interest rate, while taking a more conservative approach to your income.
So there can be a balance to strike.
If borrowing capacity is the issue, the way a lender assesses your income may be particularly important. If you don’t need to maximise your borrowing, rate, repayments and product features may carry more weight.
A good broker should be looking at the whole picture and explaining the options to you clearly.
#3. They should understand where you are in your career
Your latest payslip tells us what you’re earning. It doesn’t tell us everything about your circumstances.
You may have recently changed contract, moved employer, taken a promotion or started a new role. You could still be on probation. Or you may be further into your career and looking at how the term of a mortgage fits with your retirement plans.
Lenders have different criteria around these things too.
That’s why your employment circumstances should be part of the conversation from the beginning.
At Symmetry, we want to understand what you’re trying to do, what’s happening in your career and whether there is anything we need to consider before looking at the lenders that may suit you.
It’s rarely just a question of what’s written beside “basic salary”.
#4. They should match the lender to your circumstances and plans
Access to a range of lenders is important, but it’s what your broker knows about those lenders that really counts.
Criteria vary. So do rates, products and the way different types of income are assessed.
At Symmetry, we look at your circumstances first and then consider the lenders and mortgage products available to us.
Sometimes there will be an obvious fit. Other times there may be a few options worth considering.
If that’s the case, we’ll talk you through the differences, including any trade-offs, so you understand why one route might make more sense than another.
We start with you, not the lender.
#5. A public sector mortgage broker should be clear about what the service costs
It’s worth knowing what you’ll pay for mortgage advice before you start.
At Symmetry, our mortgage service is free to our clients. We don’t charge a broker fee.
Mortgage brokers are paid a commission by the lender when a mortgage is completed. The commission paid by each lender is the same: 1% of the mortgage amount.
This commission is factored into the mortgage product, so using our service doesn’t add a separate broker cost to your mortgage.
How a broker gets paid shouldn’t be a mystery. We’re happy to explain it.
#6. They should help make the whole process easier
There’s more involved in getting a mortgage over the line than choosing a lender and completing an application.
There will be documents to provide and lender requirements to deal with. You’ll need a solicitor. A valuation and BER may be required. And you’ll need appropriate mortgage protection in place before your mortgage can be drawn down.
Our mortgage service is end-to-end, so your adviser stays involved throughout and helps you understand what needs to happen and when.
We’ve also built relationships with other professionals involved in the process.
If you need a solicitor, you can choose to use one from our panel of conveyancing solicitors, who offer an agreed fixed price for Symmetry clients. We have relationships with valuers and BER assessors, and as we’re also an insurance broker, we can arrange mortgage protection and life cover, with agreed discounts available from some of Ireland’s largest insurers.
You don’t have to use these additional services. They’re there if they’re useful to you.
The idea is simply to make the process easier to manage.
#7. They should have real experience of working with people in the public sector
The public sector is a broad description.
Different professions have different pay structures, allowances, working arrangements and career paths. Experience of dealing with these regularly helps when it comes to understanding a mortgage application.
At Symmetry, we work with public-sector clients every day. We’re also trusted by..
- Fórsa
- The Prison Officers’ Association (POA)
- The Association of Higher Civil and Public Servants (AHCPS)
- The Permanent Defence Forces Representative Association (PDFORRA)
to provide an expert mortgage service to their members, something we’re very proud of.
Through that work, our advisers have built up a strong understanding of public-sector income and employment and the questions that can arise when applying for a mortgage.
Members of our partner organisations can also access additional benefits through their Group Mortgage Service.
You should understand the advice your public sector mortgage broker provides
Knowing the technical side of mortgages is our job. You shouldn’t need to know it too.
If one lender will consider income that another won’t, we’ll explain it.
If there are two good options but each has its own advantages, we’ll talk you through them.
And if we’re recommending a particular lender or product, you should understand why.
A mortgage is a big financial commitment. You should feel comfortable asking questions and be clear about the decisions you’re making.
A good public sector mortgage broker sees the mortgage as only the beginning
Getting the keys may be the end of your mortgage application, but we hope it isn’t the end of our relationship with you.
Your circumstances will change over time.
You may move home or switch your mortgage. Your family may grow. You might want to renovate or release equity from your home. Later, your priorities may turn towards savings, investments, pensions or planning for retirement.
Symmetry provides advice across mortgages, protection, pensions, savings and investments, so we’re here for those conversations too.
You might not need us again for years. That’s fine.
We want to be the people you know you can come back to when you do.
Choosing the right public sector mortgage broker
The right broker should understand your income, your career and the differences between lenders. They should explain your options clearly, be upfront about what their service costs and help you navigate the process.
Most importantly, the advice should be based on your circumstances rather than assumptions about your profession.
While working in the public sector can affect how some lenders assess your mortgage application, no two people are the same.
Your payslip isn’t generic. Your mortgage advice shouldn’t be either.
If you’re thinking about buying, moving, switching or making changes to your existing mortgage, you can find out more about our public sector mortgage service or talk to one of our mortgage advisers about your circumstances.
If you’d like a free, no-obligation consultation for your mortgage, pension or financial needs, get in touch here, call us on 01 6831673 or email us directly on info@symmetryfinancial.ie.
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