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Mortgages for Military Personnel

The unique nature of life in the armed forces means that you need a mortgage advisor who can provide extra flexibility. Whether you are a seasoned property professional, or looking to buy your first home, we an advisee military personnel on the best mortgage products available to them and their unique circumstances.

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).

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.

Where to start?

Book yourself into our diary

Choose a convenient time to speak to one of our independent mortgage experts

What type of mortgage are you looking for?

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First Time Buyers

We will help you find the best mortgages available to you and guide you through the entire process of buying your first home.

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Help to Buy

We can help you find the right Help to Buy scheme for you and guide you through the application process.

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Remortgage

We will find you the best remortgage deals available to you and help guide you through the process of refinancing your property.

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Home movers

Need to know how much you can borrow? We are whole of market, so an find you the best mortgages available to you.

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Buy to Let

First investment or adding to your portfolio? We will help you find the best rates available to you so you can maximise your returns.

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Holiday Lets

Joining in on the staycation revolution? We can help you find the best suited mortgage products for your holiday let or second home.

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Let to Buy

Did you know you could refinance your existing property to buy another? If this is what you are looking for, you are in the right place.

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Green Mortgages

If your home is kind to the environment, you could be rewarded with a cheaper rate from your lender. Find out today.

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Bridging Loans

If you need quick finance, a bridging loan could be what you are looking for. Explore different types of bridge loan or book a chat.

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Large Loans

If you are planning on purchasing a high-value property, you may find high-street lenders cannot help. We can!

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Second Charge

Take out a second mortgage on your current property to raise finance for extending or improving. Find out more.

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Equity Release

Life-time mortgages for the over 55s can help you take control of your retirement or offer a helping hand to your family.

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Joint borrower, Sole Proprietor

Increase your affordability with the help of family members. Find out how or book a chat with one of our specialists.

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Sports Professionals

Nuances with your income can make applying for a mortgage more tricky. We are experts in finding the best suited mortgages for you.

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Entertainment Industry

Whether you are in front of the camera or behind it, we can help you find the best mortgage products available to you and your needs.

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Education Professionals

Flexible mortgage advice which fits around your busy schedule. We can help you find the best suited mortgage products for you.

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NHS professionals

Surgeons to admin support, we can help you find the best mortgage rates available to you and your circumstances. Find out more.

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Police Force

We are here to help Police officers and workers in the police force find the best mortgages available to them.

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Armed Forces

Explore the additional options available for applicants in the armed forces. Prospet Tree can help you find the best mortgage for you.

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New Builds

Developers work to demanding timescales and new build mortgages must be organised accordingy.

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Home » Industry Specific Mortgage Advice » Mortgages for Military personnel

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0800 8620 840

Prospect Tree Mortgages, Acorn Barn, Wembdon Business Park, Smeeth
Ashford, Kent, TN25 6SZ

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