Are you serving in the Armed Forces? Do you want a place to come back to when you’re not on tour or base? Due to your circumstances, it can be tough to find the right mortgage to help you secure a house with a high street bank. With a specialist mortgage advisor, however, it’s not impossible.
Mortgages for Armed Forces personnel are crafted especially for your situation, which means you don’t have to worry about your deployment or being moved in the UK or outside of it. You can get the flexibility you need so that your mortgage product works for you and not against you.
What You Can Expect From A Military Mortgage
Banks that provide mortgages for Armed Forces personnel understand that your job shouldn’t make it tough to buy a home. With that in mind, you’ll be able to apply on residential terms even if you’re going to be relocated. That applies to people going overseas as well as swapping location for another part of the UK.
You can also apply for extra borrowing on your property. What this means is that you’ll have more scope to manoeuvre if things change and your circumstances are no longer the same. Whether that’s relocation or deciding to quit or retire from the Forces for good, there is the option to borrow more.
For those who intend to retire early, they can use this as a means to borrow up to the date you want to stop working rather than you’re retirement cut-off point.
British Forces Post Office Address
Because you don’t always call one place home, you may have a British Forces post office address. In the past, they caused problems, but lenders are changing the way they process applications. Today, some lenders accept BFPO addresses regardless of whether you’re overseas or planning on moving abroad. So, you can still get a UK residential mortgage.
What About Deployment?
Deploying is different because you’ll be out of the country for months at a time. Instead of letting your house sit there and collect dust, you can rent it out to a tenant and let them pay off your debt. Mortgages for Armed Forces personnel differ in that there’s no need to transfer your mortgage to a buy-to-let version.
All you have to do is apply for a “consent to let” to rent out your home to tenants on residential terms. There’s no fuss and no hassle, which is perfect for when you need to move back and forth due to your job.
The Forces Help To Buy Scheme
If you’re wondering where the money to buy a house is going to come from, the answer is the government. With the Forces Help to Buy scheme, they will give you as much as 50% of your salary interest-free up to £25,000. That’s an extra £12,500 you can use as a deposit for a home to get on the property ladder. Not only is it interest-free, but you have 10 years to pay it back as long as you meet the requirements.
To find out whether you’re eligible, or to learn more about military mortgages, get in touch with The Mortgage Consultancy now. We’re specialists in pairing people with their perfect mortgage.