Head of Content
Mortgage Advisor & Director
How can I get a mortgage as a member of the Armed Forces?
You may not know that as a member of the Armed Forces, there are many options available to you when applying for a mortgage. We appreciate that servicemen and women can face distinct problems when applying for a mortgage, and our advisors can help! Whether your credit history has been impacted by overseas deployments or if you are an entry-level soldier on a low-income; there is a mortgage for you.
Our team work with specialist lenders who can help provide:
- British army mortgages
- Navy and army mortgages
- Air force mortgages
- Marine corps mortgages
- Mortgages for civilian support staff
- Mortgages for ex-military personnel in the UK
Should I seek specialist advice?
We would recommend that due to the unique challenges faced by military personnel, seeking out a specialist lender would be beneficial. There is help available via several schemes and support services available including increased lender flexibility, Forces Help to Buy, Long Service Advance or Pay and more specific guidance from specialist military lenders. Specialist lenders may allow you to rent out your house, allow the house to be unoccupied, or allow forces personnel stationed abroad to buy a home in the UK.
Our advisors can help you get the best rates with specialist mortgage providers to the forces, get in touch today.
You should know about the Forces Help to Buy scheme. You may be able to combine with the Help to Buy scheme.
If you are in the armed forces, you need to know about the Forces Help to Buy scheme.
Designed specifically for armed forces personnel, the scheme allows you to borrow up to 50% of your annual salary interest-free to a maximum of £25k. You can use this as a deposit on your new home or help cover the costs of buying your new home such as solicitor or agent fees.
There are a few points to note:
- The pilot scheme was launched in 2014 and has been extended until the end of 2022.
- The scheme replaced the previous Long Service Advance of Pay scheme.
- There may be tax implications assuming the loan is over £10k.
- You must have completed the required length of service.
- You must have more than six months left to serve.
- You must satisfy the right medical categories - although there are certain situations where this doesn't apply.
- Application is via the Joint Personnel Administration system, which is an intranet system created by the MoD.
- You can seek advice on your application through your Chain of Command and personnel agency.
- Repayment takes place over the course of ten years; you will only pay back the amount you borrowed
- After approval, there is a two-week draw down period.
You may be able to combine with the Help to Buy scheme.
Certain Help to Buy providers may permit you to combine the schemes. It is worth getting in touch with a specialist mortgage provider who will be able to advise you; our Teito advisors can help. While you won't be able to use the Forces Help to Buy scheme in combination with a Shared Ownership or Shared Equity purchase, you can continue with these purchases without using the Forces Help to Buy scheme.
Specialist options for ex-military personnel
Ex-military personnel who may not have owned property before also have options. While you will not qualify for the Forces Help to Buy scheme, you could look at Help to Buy or specialist mortgages for retired borrowers.
Our advisors at Teito have many years of experience and can help you whatever the circumstances.
Where can I learn more?
Our advisors are experienced in helping armed forces personnel in securing a mortgage, contact us today to learn more!
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Last updated 28 February 2024