If you serve in the forces then there is a good chance your life is not as straight forward as some. Your choice of career could mean you are stationed overseas a lot and have to move around from home to home on a regular basis dependent on where you are being posted. This could play havoc with your credit rating through no faulty of your own. This is why many high street lenders won’t consider you when it comes to finding funding for your next home. Despite having a regular income they don’t see you as a secure proposition. This is why military mortgages are an ideal product for you.
There are specialist lenders out there who cater for your particular situation. What’s more with many new lenders coming out the choice is growing fast which means highly competitive rates and not rates that are higher then standard and penalise you simply due to your career choice. This is unfair but sadly mainstream finance companies don’t always cater for members of the armed forces. Good news however is there are plenty that will we work with these too. Infact members of our team are ex servicemen who have all experience what you could be going through right now when trying to get in your new home.
To be eligible for the help to buy scheme for military mortgages you must fulfil the following criteria:
- Be in Regular service.
- Those serving in the Naval Service must have been accepted onto trained strength, i.e. in a complement billet.
- Army and RAF personnel must have completed two years’ service from the date of enlistment. Completed Phase 2 training.
- Have at least 6 months left to serve at the time of application for the forces help to buy scheme.
- In the last twelve months, not have owned a property within 50 miles of the proposed house purchase. (although there could be some exceptions to this criteria).
It used to be the case your interest rates were higher due to your career choice and the shortage of lenders but that is not the case anymore. You can not get access to the same great rates as everyone else and the team here will make sure you know all your options and all fees and repayment figures when you enquire about military mortgages. What’s more as you are entitled to help with raising a deposit it could mean you get into your new home quicker and easier than you expected. We have the experience and expertise to get you on the right path. What’s more we will be with you every step of the way and ensure you understand fully all figures involved as its not just about the scheme with the lowest rates. There are other factors which you need to consider when choosing which military mortgages are right for you.
We can help you with military mortgages that work for, not against you no matter what your circumstances. We don’t see why a job in the forces should make it more challenging to buy your new home. So, with our help you can:
Apply on residential terms, even if you’re going to be relocated in the UK or overseas. Apply for extra borrowing on your property if your circumstances ever change, even if you are relocated in the UK or overseas (Subject to our set out residential criteria). Apply for borrowing up to the date you intend to stop working instead of your mandatory retirement date from the forces. We can advise on everything and being ex-servicemen ourselves we know how to ensure your application is fully ready to be submitted giving you the best change to get a yes for when you apply for military mortgages.