As Ex-Forces Veterans we understand better than anyone the need to secure a home with Navy 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 military mortgage point of view, but is also up to date with the military lifestyle you currently lead. We’ve spent the last 6 years delivering financial educational awareness briefs worldwide at the invitation of the CoC as well as being ex-military.
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 military mortgages.
What are Navy Mortgages?
There are specialist lenders out there who look favourably at applications from HM Forces and civilian support staff. Being overseas, or onboard ship for prolonged amounts of time can sometimes affect your credit score and there are lenders who better understand your situation, you just need to search for them. Navy mortgages can help you get on the property ladder.
What mortgage assistance is available for personnel in the Royal Navy?
Navy mortgages are complicated and they can be stressful and there is no point adding to the stress of your job by trying to search the mortgage market. The Navy mortgage market is ever-changing and to save your time it is best to approach a professional Mortgage Adviser to guide you through to the right mortgage products for you. We can also help with the Navy help to buy scheme too.
There are flexible mortgages and more flexible lenders appearing on the market that are available to Armed Forces personnel. There is also the Forces Help to Buy scheme.
What is the Forces Help to Buy Scheme?
The Forces Help to Buy scheme is aimed at armed forces personnel who want to purchase their first property. It offers an interest free loan to cover deposits and fees. You can borrow up to 50% of your annual salary interest free up to a maximum of £25,000.
The forces help to buy scheme covers first time buyers and people who are moving to another property due to an assignment or for family needs.
Can everyone apply for the Navy Help to Buy?
Not everyone can apply for the Forces Help to Buy scheme. You need to be a serving member of HM Forces, with a minimum of 2 years service and have at least six months left of your engagement.
What if I am Deployed?
You can still commence with Navy mortgages and buy a house if you are deployed 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.
How can a Navy Mortgage Broker Help?
A Navy Mortgage Broker can help to find the specialist lenders that cater towards the needs of the Armed Forces. They can help you gather all the documentation that you will need to provide and can point you in the direction of products that aren’t available on the high street.
Mortgage Advisers pride themselves in keeping up to date with the ever-changing mortgage market. Advisers can save you from scouring and searching the market while trying to understand the jargon that goes along with it.
Here at Ideal Home Loans we will provide you with our advice and a recommendation of the mortgage that suits your requirements. We will have an informal chat and find out what type of mortgage you are after, the amount you can borrow and guide you to the right options for you which includes seeing if you can use the Navy help to buy scheme.
Wasting time is not ideal which is why you should have a chat with a member of Ideal Home loans today to get expert advice and speed up the Navy mortgages process.
“I served throughout the 80s and spent the last six years going out to the BATUS (British Army Training Unit Suffield), BATUK (British Army Training Unit Kenya), BFC (Cyprus) and BFG (Germany), while we were out there delivering financial education briefings to the officers and serving personnel.”
Mortgage Adviser For The Military