6 things to consider with an Armed Forces Mortgage
If you’re a member of the Armed Forces, it can be more complicated to get a mortgage. With that in mind, we have produced our guide of 6 things to consider with an Armed Forces Mortgage. We know which lenders are sympathetic to military families and have contacts with the specialist lenders who have increased flexibility. We can take the stress and hassle out of looking for and applying for your armed forces mortgage.
1. Are you eligible for the Forces Help to Buy Scheme?
The scheme is designed to helped UK Forces Personnel to get on the property ladder. Serving military personnel are permitted to borrow up to 50% of their salary (capped at £25,000) to buy their first home, extend their current one or move to another property on assignment or as their needs change. The loan can also be used towards a deposit and other costs such as solicitor and estate agents’ fees and can be repaid over a period of up to 10 years. Applying can be quite complicated, so we would advise you speak to a mortgage broker who can help explain the whole process.
2. Is the property going to be empty for extended periods of time?
Most lenders will have criteria for how long properties are allowed to be empty for. So, if you have to leave your home unoccupied because you are abroad or deployed elsewhere in the UK, this can be a problem with standard lenders. But with some specialist military lenders, they will allow for periods of inoccupancy within the mortgage terms, as long as you let them know.
3. Do you want the option of renting the property?
Most standard residential mortgages don’t allow you to rent out the property. But if you know you’re likely to be deployed for long periods of time, you might want the option to rent your property. This is called “consent to let” and specialist lenders will allow this flexibility within their mortgage criteria.
4. Have you been or do you currently live abroad?
Most mortgage lenders will require you to live in the UK if you are buying a property in the UK. So another useful areas of flexibility offered by specialist military mortgage lenders is that the homeowner can live abroad and still buy a property in the UK.
5. Have you moved frequently over the past few years?
Perhaps your credit score is low because you have been stationed abroad for long periods of time. Or maybe you’ve been stationed at several UK bases meaning you have multiple addresses over the last few years. We know which lenders will accept low credit scores and are sympathetic to military personnel.
6. Do you want to buy a property now to live in when you leave the armed forces?
You may be happy living in military accommodation. But perhaps you want to get on the property ladder now so that you have a home waiting for you when you leave the forces. If you are looking for a Buy to Let mortgage, we can help
6 things to consider with an Armed Forces Mortgage
We are not like other brokers. We understand how Armed Forces Mortgages work and we would love to work hard for you.
We are based in Salisbury. Which means we have helped lots of forces families across the Salisbury Plain, Tidworth and Andover. But we can help you no matter where you live in the UK.
Don’t just take our word for it. Why not read about Andrew and Helen who were recommended Your Mortgage Expert by a friend. We helped them access a mortgage after Andrew left the military.
We have over 100 five star reviews on Google and over 90 verified reviews on VouchedFor. We understand that getting a mortgage as a member of the armed forces can be more complicated. We know which lenders are sympathetic to military families. We have contacts with the specialist lenders who have increased flexibility for forces families around areas like consent to let, living abroad and properties being empty for extended periods.
We hope you’ve found this article on 6 things to consider with an Armed Forces Mortgage useful. If you would like to speak to a member of the mortgage advice team contact us now on 01722 322683. Or complete a contact form using the link below.
The Financial Conduct Authority does not regulate the Forces Help To Buy Scheme.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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