Mortgages for Armed Forces Personnel

Mortgages for Armed Forces Personnel

At Robin Mortgage Design, we support both current and ex-military service personnel. We feel that you shouldn’t be disadvantaged when it comes to getting on the property ladder.

Whilst there’s no specific mortgages for Armed Forces personnel, you can access perks that other careers . Let’s cover those now.

Do Armed Personnel Have Specific Mortgages?

The simple answer here is no. However, you’ll find you might be entitled to other benefits and lending criteria designed to help and support you. We have listed these below;

  • Military borrowers can obtain consent to let on standard residential mortgages, when normally outside of policy.
  • Allow those currently stationed abroad to buy homes in the UK without being classified as ex-patriot.
  • Purchased properties can go unoccupied for prolonged periods of time.
  • Allow the purchase of multiple residential properties.
  • Access to Forces Help to Buy.

It’s always important to remember with any mortgage each case is taken on it’s induvial merits, so lots of factors are taken into account and the criteria can change with little or no notice.

What is Forces Help To Buy?

One of the biggest government back backed schemes to support the Military is Forces Help to Buy. This scheme is specifically available to the Armed Forces and here is a simple breakdown of how it works.

The scheme is set to be available until December 2022 and it’s available to First Time Buyers and home movers. You can borrow up to 50% of your salary to maximum of £25,000 Interest Free. The payments are generally taken directly from your pay and spread over 10 years. This payments is then taken into account when calculating how much you can borrow.

In addition to the scheme, you can use it in conjunction with the Help to Buy Equity loan, if you’re looking for a new build.

With this scheme, even if you do not have a deposit saved up, you could still potentially buy a property.

Who Can Apply For The Forces Help To Buy Scheme?

There are many personnel who can apply for the scheme, so to ensure you know where you stand, see below.

It is available to all regular personnel who:

  • have completed the pre-requisite length of service
  • have more than 6 months left to serve at the time they apply
  • meet the right medical categories.

However, the scheme does recognise there may be instances where exceptions to the standard rules may be justifiable, especially where there are extenuating medical and personal circumstances.

As the rules state, the scheme is only available to regular personnel and not those serving in the reserve services. Also, as you must have 6 months service available, the scheme is not available to ex-service personnel.

If you’re considering Forces Help to Buy, we advise you seek advise from a qualified mortgage adviser. For Mortgage Information on the Forces Help to Buy click here.

Can I Still Get a Mortgage With Bad Credit?

If you have bad credit on your digital self, whether that is from a previous IVA or bankruptcy, CCJ’s or defaults, missed payments or debt management plans, then not all is lost, there are specialist lenders that might help. They cannot help everyone, but there could still be plenty of options. We have listed some considerations if you have a tainted credit history;

  • Bankruptcy & IVA’s are widely acceptable after they have been discharged for 3 years. However, if you have a larger deposit, then options may be available, if they are more recent.
  • Debt management plans are widely accepted as long as they have been place for 12 months or more and you can demonstrate an excellent conduct of the account.
  • Defaults & CCJ’s are widely accepted, however, there are many different solutions and options here. So, even if you have something outstanding lenders are willing to take a view.
  • Missed payments are widely accepted however, it depends on what the missed payment was on, the reason for the missed payments, how payments have been missed and how long ago.
  • Payday Loans are widely accepted if they are over 12 months ago. They are frowned upon when applying for a mortgage as they are considered a last resort option. In all cases we would need to understand why the loan was taken.

In any case, you are always best to seek advice from a mortgage broker, someone who is whole of market will be able to review all your options.

Why Speak with a Robin Mortgage Design Mortgage Adviser?

Robin Mortgage design is a community of experienced mortgage advisers. We have access to the whole market and have helped people all over the United Kingdom to finance and refinance their properties. So rest assured that with us, you are in safe hands.

What’s Next?

Understanding your mortgage options is vital when applying for a mortgage, not only will it help ensure that you understand the mortgage you’re applying for, but will also ensure that you get the right mortgage for your needs.

Speaking with a mortgage broker is also a great idea, as a mortgage broker will be able to review all the lenders available to you and whether you tick all the boxes for that’s lenders criteria. Believe it or not, not every lender has the same policy!

We hope you found this article about Mortgages with one years accounts helpful and we wish you all the best with your mortgage application.

If you would like to discuss your options with a friendly, professional human being, then our team at Robin Mortgage Design would be happy to help. Just give us a call on 0333 242 3863 or visit our contact us page, and fill out our online enquiry form.

Good Luck with your mortgage!

Written by Mark Travell, Director of Robin Mortgage Design


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