Armed Forces Mortgages

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Can Armed Forces Personnel Get Military Mortgages?

Here at The Mortgage Store, we support both current and ex-military servicemen and feel that they shouldn’t be disadvantaged when it comes to getting on the property ladder. Unfortunately, that can be the cases for a number of military professionals looking to buy a home.

Whilst it may take some research, there are a number of different ways servicemen can increase their chances of buying a property, all of which we can help advise you on.

To help, we’re here to give you all of the information you need when it comes to owning your own home has a military professional, specifically looking at military mortgages.

Are there specific mortgages for armed forces personnel?

All too often, servicemen and women can face a lot of challenges when it comes to getting themselves onto the already tough-to-climb property ladder. From low income to poor credit ratings, being deployed to various different countries can have negative effects on your financial standing.

The news is, however, that there are specialist lenders that offer the following:

  • British army mortgages
  • Air force mortgages
  • Navy and army mortgages
  • Marine corps mortgages
  • Mortgages for civilian support staff
  • Mortgages for ex-military personnel who are currently in the UK
  • Mortgages for armed forces personnel that are stationed abroad

The key is knowing where to look, but luckily, that’s where we come in.

Specialist providers that offer mortgage deals for military personnel may be able to do any of the following to assist:

  • Allow military borrowers consent to let on a standard residential mortgage
  • Allow those that are currently stationed abroad to buy a home in the UK
  • Allow a purchased property to go unoccupied for periods of time

Whilst doing the above, the will also do their best to find great rates available to you.

What mortgage assistance is available for military professionals?

As a member of the armed forces seeking a residential mortgage, you need to ensure you’re seeking out the relevant specialist advice from people outside of the standard high street providers.

If you haven’t already started looking for a mortgage, it won’t take long to realise that most high street providers don’t necessarily understand the difficulties you face as a military professional. Because of this, you need to ensure seek out advice from people like us.

When approaching mortgage providers, you also need to be aware of the financial help that is available for the armed forces, as this will help with your application. For those that are not already aware, there are schemes that are currently offered including increased lender flexibility and the Forces Help to Buy scheme.

What is the Forces Help to Buy scheme?

As mentioned above, there is a Forces Help to Buy scheme available to military professionals until 2022.

The Forces Help to Buy scheme is specifically designed to help armed forces personnel to get onto the property ladder. The scheme offers an interest-free loan to help cover a house deposit as well as any other fees that occur whilst buying a home.

How much financial support can you receive with Forces Help To Buy?

Military professionals can borrow as much as 50% of their annual salary interest-free, as long as it is no more than £25,000. This money can then be used as a house deposit or solicitor and estate agent fees.

Do the Forces Help to Buy schemes cover all homes?

The Forces Help to Buy scheme applies to those looking for their first home, those moving due to a new assignment or those who have had a change in family circumstances.

Can everyone apply for the Forces Help to Buy scheme?

You can apply for the Forces Help to Buy scheme if you meet the following criteria:

  • You have completed the required length of service
  • You have more than six months left to serve at the time of making your application
  • You meet the right medical criteria

Due to the criteria stating that you must have six months left to serve at the time of making your application, the Forces Help to Buy is therefore not available to ex-servicemen.

The Forces Help to Buy scheme is currently due to end in 2019, however it has been extended in the past.

Before you start the application for the Forces Help to Buy Scheme, it is advised you speak to a mortgage broker. You can contact us for more information.

How to get the best possible rates on mortgage military loans

Although there are schemes such as Forces Help to Buy in place when it comes to army, navy or RAF mortgages, the rates offered are no different to civilian rates. The same factors that are taken into consideration with a civilian application will affect your own military application. This includes your age, your income, your outgoings, your credit rating, your deposit and the property type.

In some cases, you may be able to get a favourable deal but in order to do this effectively, you need to seek advice from professionals when it comes to military mortgages.

How can I find out more information when it comes to military mortgages?

Applying for a mortgage can be an overwhelming experience so it’s important you’re getting the best advice as you possibly can.

For more information about military mortgages and what is available to you, you might want to consider contacting a member of our team directly. Not only will we be able to answer any further questions you may have but we will also be able to advise you of the best possible scheme for you.

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