Mortgages for the Armed Forces
There are many reasons why those in the military may find it harder to get a mortgage. Prospect Tree Mortgages don’t see why a job in the armed forces should make it more of a challenge, so we are experts when it comes to:
- applying for residential mortgages (even if you are due to be relocated)
- applying for additional lending on your property if your circumstances have changed
- find lenders who’ll consider your future employment, even after your mandatory retirement from the armed forces
Mortgages which suit you
If you are due to be relocated, and want to rent out your residential property, we will find you a lender who’ll consider giving you a ‘consent to let’ . This way, you can live in your property until you are relocated and then put tenants in your property whilst you are away. This will help you pay your mortgage and provide you with a passive income whilst you are not using the property.
Flexible advice
We understand that it may be difficult for you to get to the phone. So we will project manage you purchase or remortgage completely. We will deal with the solicitors and estate agents where necessary to keep moving the transaction forward.
What help is available for Military Personnel?
You may find that you are eligible for the forces Help to Buy scheme. This helps servicemen and women buy their own property.
The Forces Help to Buy scheme could be available to you for:
- Assistance towards purchase price taking account of deposit, legal, surveyors and land registration fees.
- Eligibility: First- Time Buyers and those wanting/needing to move to another property due to posting or extenuating family or medical circumstances. Medical circumstances allow current property to be extended or modified.
- Restrictions: Not for purchase of Buy – to – Let property or second property. Not for personnel who have given notice and have 6 months or less to serve.
- Ensure mortgage Lender is aware you will use FHtB before making a formal mortgage application (as some don’t recognise the scheme).
What is the Forces Help to Buy Scheme?
- Advance of 50% gross annual salary capped at £25,000
- Interest free – although HMRC consider an amount above £10,000 as a beneficial loan which has personal tax implications.
- Repayable over 10 years or shorter by agreement or recoverable from pay.
- Compatible with other Government schemes (Help to Buy Equity Loan, Shared Ownership and Hep to Buy (Scotland).
You can find out more on the Government website
Which mortgages are best for the military?
The ‘best’ mortgage will be from the lender who’s criteria best suits your individual needs. Once we have helped you identify the lenders who will lend you the money you need, we will help you find the best rates available to you.
Fixed Rate Products – these types of mortgages work if you want your repayments to remain the same for your initial fixed period. If rates go down, you will need to wait until your fixed rate ends before you can benefit (unless you pay a penalty). Whereas, if rates rise, your repayments will stay the same until your fixed rate ends.
Variable Rate Products – these types of products are more flexible and often don’t have ERCs (Early Repayment Charges) if you want to repay the early. The downside is that your monthly repayments will fluctuate throughout your mortgage.
If the Bank of England base rate changes, then you will likely see your repayments change with it.
Where to start?
Whether you are just beginning your journey, or have already found a property you are interested in. We encourage you to get in touch. Once you have had a brief chat with one of our independent mortgage experts, we will start research right away and help you find the best mortgage products available to you and your unique circumstances.
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What type of mortgage are you looking for?
- Armed forces First-Time Buyer mortgages
- Armed forces Remortgages
- Armed forces Help to Buy
- Armed forces Buy to Let
- Armed forces Holiday Lets
- Armed forces Let to Buy
- Armed forces Green mortgages
- Armed forces Bridging loans
- Armed forces Equity Release
- Armed forces second charge mortgages
- Armed forces Joint Borrower, Sole Proprietor
- Armed forces – Protection
- Mortgage FAQ
- Meet the Team
Get in Touch
0800 8620 840
Prospect Tree Mortgages, Acorn Barn, Wembdon Business Park, Smeeth
Ashford, Kent, TN25 6SZ
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- Wednesday
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- Thursday
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- Friday
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- Saturday
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- Sunday
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A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. Click here to see our fee info. Think carefully before securing debts against your home or property. The financial conduct authority does not regulate most forms of buy to let mortgage. Prospect Tree Mortgages LTD is the appointed representative of TenetConnect Services Ltd, which is authorised and regulated by the Financial Conduct Authority. TenetConnect Services Ltd is entered on the Financial Services Register (www.fca.org.uk/register) under reference 150643. Prospect Tree Mortgages Ltd is registered in England and Wales under reference 10112043. Registered Office Address: Acorn Barn, Wembdon Business Park, Smeeth, Ashford, Kent, TN25 6SZ. The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
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