Tenet launches mortgages for long-serving police officers

Tenet launches mortgages for long-serving police officers

Tenet Mortgage Solutions has partnered with Harpenden Building Society on a mortgage range specifically geared towards long-serving, senior and retired police officers.

The mortgage products offer two and three-year discounted rates from 2.09 per cent, before switching customers onto standard variable rates.

Harpenden said the range was particularly well-suited to those who don’t fit into “standard high street lender algorithms”.

Officers can choose either a repayment mortgage with a maximum loan-to-value of up to 75 per cent, or an interest-only mortgage with a maximum loan-to-value of 70 per cent.

The mortgages, designed for a house purchase, re-mortgage and release of equity, can be split across two term lengths of up to 35 years in total.

This allows interest-only customers to rack up remaining equity upon completion of at least £150,000.

For those already retired from the police force but still working, Harpenden will consider applicants up to the age of 75 who can evidence one years' self-employment and an earnings projection for the following year. 

The lender’s standard requirement is for three years’ self-employed financial history. 

For retired officers, Harpenden will also consider additional income sources, such as from a pension, or investments - including buy-to-let properties.

Raj Bains, Harpenden’s customer operations director, said product innovation such as this and strategic partnerships was of ongoing importance to the lender.

“Our pragmatic approach ensures mortgage applications, whatever their source, are individually assessed using common-sense, he said. “We aim to make the process as tailored, simple and personal as possible.”

Last month, Harpenden appointed a new chief executive, Richard Doe, to replace Sarah Howe, who had been at the lender’s helm for just under three years.

Previously a non-executive director at Harpenden, Doe is known for his time as managing director of Paragon Bank between 2013 to 2017, before he moved roles to lead its commercial lending team until 2019.

Upon his appointment, Doe said the lender’s focus remained on customer service, and growing its UK reach - as well as its product portfolio.