Serving in the armed forces means buying a house might not be a priority for you and before you know it the years have gone by. You might be interested to know that military mortgages can help you purchase a new home and could be the motivation you need to start proceedings. Now is as good a time as ever to make the move, with stable prices and plenty of help available and not to mention great rates and savings to be made. If you have been thinking about it then there’s no time like the present.
There are signs that house prices are slowing down after a few months of rising. Mainly caused by the market being busy again after the pandemic and the Stamp Duty holiday the Government introduced which encouraged buyers. Low interest rates also helped with the boom. Now Stamp Duty is part of the buying process the market has slowed slightly meaning house prices slow down too. Military mortgages can be an ideal aid and if you grab the opportunity now savings could be made within all aspects of the process such as fees, repayment figures and even early settlement fees too.
There’s no reason to suggest property value will not continue to rise so acting now will mean your equity grows too. This can help you in later life if you need to free up some cash for any purpose such as car purchase, holiday or gift to family and loved ones. Obviously, the more deposit you can put down the better plus this opens you up to more lenders and access to better rates too, which cold mean lower monthly repayments. If you wait until you think the market will get better or improve more for buyers, then you could be waiting months or even years. To start the process, it’s a good idea to see if you qualify for military mortgages if you are in the armed forces.
There are a few reasons to not jump into the market though and these include situations like getting into a bidding war which means you are in danger of pushing yourself financially and stretching your budget or affordability to it’s maximum. Another reason is you are making compromises in your choice of property, such as you have your heart set on a big garden or driveway, so if you end up purchasing somewhere without these you could regret your actions further down the line.
Investing your savings in bricks and mortar is also seen as a safe way to look after your money. Not everyone is keen on banks as a means to save and store your savings so investing in property could be one way to secure your future, plus if you qualify for military mortgages and use the help to buy scheme you could get up to 50% of your salary to use as a deposit with the military mortgages. This opens up many more options when it comes to schemes and rates too.
Another reason to jump on the property market is it means when you leave your role you have somewhere straight away to move into or move back to. This can be handy especially if your career takes you overseas and you have to relocate time after time. It’s good to have a base and place to call home.
If you use military mortgages, then you can also rent out your property too when not using it or you’re working overseas. This means your mortgage is being paid for and you earn yourself an income too. You can also purchase property in the UK if you are stationed abroad too. Making it easier to buy if you see somewhere whilst browsing online.
Should you wish to discuss anything in this article and start the process with military mortgages then please contact us anytime on 0333 772 1328 or email us at help (@) idealhomeloans.co.uk.