Army Mortgages

As Ex-Forces Veterans we understand better than anyone the need to secure a home with Army mortgages before your career ends and you have to move out of your SFA. 

You’re in safe hands with advice from ex-military advisers, whose advice is not only fit for purpose from a navy  mortgage point of view, but is also up to date with the lifestyle you currently lead. 

Rest assured we aren’t just any old civvy in a suit, who doesn’t have a scooby about the life you lead and the problems faced. We don’t work civilian 0900 to 1700 Monday to Friday hours but have comms via text, WhatsApp, email and Facetime after working hours, to fit in with your FOE. We are experts in navy mortgages.

Army Mortgages – when is the right time to buy a home?

When you’re in the army you’re not necessarily thinking about getting on the property ladder. But there are good reasons to buy a property, and government schemes can make it easier. Ideal Home Loans will talk you through the options including the Army help to buy scheme and army mortgages.

I am in the Army – why should I get a mortgage?

Serving in the Army is more than just a career, it constitutes a different way of life. Trickle postings, deployments at short notice and cheap forces accommodation mean buying a property often isn’t a priority. We can help with the Army help to buy scheme too.

But your future is also a little unpredictable – you might leave the forces unexpectedly, or property prices might rise so much that buying a home is no longer affordable.  Army mortgages can help you get on the property ladder.

Army Mortgages”In addition to having served, we have a member of the team who has spent the last 6 years travelling to military establishments worldwide providing financial education briefs on topics such as Mortgages, AFPS, AFCS, Debt, Kit, Life and Critical Illness insurance, with clearance from the CoC, including overseas to BATUS, BATUK, BFG and BFC.”

 “I purchased my first property while I was a full screw, whilst seeing some colleagues spend twenty-two years of their career living in SSFA or SFA to then come out and suddenly think ‘Right, Where am I going to live?’  The sooner you can get on that housing ladder, the better with army mortgages.” 

Buying a property means security and peace of mind – and a valuable foot on the property ladder. 

What are army mortgages?

There are specialist lenders out there who look favourably at applications from HM Forces and civilian support staff. Continual postings overseas, BATUS, BATUK, BFG, BFC for prolonged amounts of time can sometimes affect your credit score, as credit reference agencies are currently unable to credit score outside of the UK. 

Thankfully there are “Forces Friendly” lenders who better understand your situation, you just need to search for them.

Army mortgages are a great solution that could help you buy a home even if you’re currently overseas or have a low credit rating.

What is the Forces Help To Buy scheme?

With the Forces Help to Buy Scheme you can borrow up to 50% of your annual salary, interest free, and use it as a deposit to buy a home when used with army mortgages.

The Army help to buy scheme is open to any military personnel who has served for a minimum length of service, has more than six months left on their contract, and meets certain medical requirements. 

The maximum loan is £25,000, which could cover both a deposit and other home-buying costs. 

You will need to repay the loan after 10 years, or when you leave the Army, whichever comes soonest. Many soldiers choose to remortgage to repay the debt, but you can also pay the loan back gradually over the 10-year term. 

Can I use other Help to Buy schemes?

Your Army Help to Buy loan also works in conjunction with other government schemes, such as the Help to Buy Equity Loan. This scheme enables First Time Buyers to buy a new build home with just a 5% deposit. The government loans you up to 20% of the home’s value, interest-free. You can use this as your deposit and take out army mortgages for the rest. 

Help to Buy Shared Ownership is another option, where you part-buy, part-rent a home, taking a 25% to 75% share in the property. You can increase the size of your share over time.

What if I’m deployed?

With the current operational tempo, as well as many attached arms trickle posting every 2 or 3 years, often overseas as TDS or PS, you can still commence the mortgage process and buy a house if you are deployed or posted and can even let out your property while you are gone. 

Specialist lenders will understand that you may currently be deployed or could be in the future and give you permission to let the property at outset. It is worth seeking the help of a Mortgage Adviser who has access to the whole UK mortgage market and can find the right product for your situation when it comes to army mortgages. With a standard mortgage, leaving the home empty or renting it out would be a breach of your mortgage contract. But these options are all permitted with an Army mortgage, as long as you inform the lender.  

How can a Mortgage Broker help?

Talking to a Mortgage Broker is the easiest way to find an Army mortgage that will suit you. Army Mortgages are fairly specialist, so it’s important to seek advice to get a loan that suits your specific situation. 

At Ideal Home Loans we have personal experience of Army life so we can ask the right questions and compare all the options. We’ve helped many military personnel buy a home.

Our mortgage advisors will seek out military mortgage lenders and compare all the rates, fees and criteria on your behalf. We will also chase up solicitors, estate agents and other parties to keep things moving.

We’re fully authorised and regulated by the Financial Conduct Authority, so let us take the stress out of finding Army mortgages and buying a home using the Army help to buy scheme.