We understand that being in the Forces may make it tricky to look after your money and to call one place home. When your job requires you to relocate often, sometimes abroad, buying a home can become one of those things you just don’t want to think about. We try our best to make things as simple as possible, so here are some flexible options available to you.
Having a British Forces Post Office (BFPO) address can sometimes pose problems in terms of borrowing money or banking in general. We understand this. We therefore accept BFPO addresses like we would any other address. We offer UK mortgages on Residential terms, even if you’ll be located overseas.
The government has a scheme to help people serving in the Armed Forces with the costs of purchasing a property. The Forces Help To Buy scheme has recently been extended into this year which means you can still take advantage. The scheme allows you to borrow up to half of your salary (to a maximum of £25,000) to help towards the deposit and costs of buying a home. It’s basically a loan, but it’s interest free and you have 10 years to pay it back. Handy right? You’ll need to meet the criteria to be eligible, including a minimum length of service, minimum remaining service and medical requirements. To find out whether you’re eligible and how to apply, head to the government’s Forces Help To Buy page.
We know that you could be posted elsewhere at a moment’s notice and this might mean that you need to rent out your home for a period of time. Normally, this would mean the hassle of changing your residential mortgage to a Buy To Let one. However, if you’re in the Forces, we don’t need you to do this. Instead, you can apply for what we call “consent to let” which means that you can rent out your home without having to change your mortgage. Saves you the hassle, the time and the money. You may be able to borrow more money against your property, even if you’ve moved elsewhere (subject to our lending criteria and assessment of your circumstances).
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
We have lots of different mortgage options, from Repayment and Offset, to Fixed, Tracker and Standard Variable Rate. If you’re not sure what any of this means, we can help.
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