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Applying for a mortgage: are you aware of the help that’s available to you?

Applying for a mortgage: are you aware of the help that’s available to you?

Posted on 8/6/2020 12:00:00 AM

Forces Mutual

Filed under Money

Whether you’re buying your first home, thinking of re-mortgaging, or looking into a Buy-To-Let investment, it’s worth getting some good advice. Our FREE Mortgage Advice service is open to anyone in the Military family. This article reveals what help is available to you, and how we can help you find the right mortgage.

 

First-time buyers and home-movers

With so many mortgages out there, it can be hard to know where to start. And if it’s your first time looking into mortgages, the whole process can feel pretty daunting.  The good news is, our advisors are there to help you. They can offer whole of market advice, so they can recommend the best mortgage for you

 

Forces Help to Buy explained

The Forces Help-To-Buy scheme is designed to help you as a first-time buyer, or if you need to move home because you’re being reassigned elsewhere. The scheme allows you to borrow 50% of your salary, up to a maximum of £25,000. You don’t pay interest on the loan and it’s repayable after ten years. To qualify for the scheme, you need to be in regular service, have served 2 years and have at least 6 months left to serve. Our Mortgage Advisors are well-versed in the Forces Help-To-Buy scheme and can answer any question you have if this is a route you’d like to go down.

 

Help if you’re looking to buy a new-build home

If you’re thinking about buying a new-build home, then you might want to explore the Government’s Help to Buy Equity Loan scheme. It’s designed to help you buy a newly built home, with a deposit of as little as 5% of the value of the property. Similar schemes are run in Scotland, Wales and Northern Ireland. Wherever you’re based, our mortgage advisors can help you find the mortgage that’s most suitable for you – so you can move into the home of your dreams.

 

Renting out your property and consent to let

It’s not uncommon for people in the Military to get reassigned away from home. If that happens to you, you may need to rent out the home you own, while you’re living elsewhere. If you have a residential mortgage on the home you own, the first thing you need to do is inform your mortgage provider of your plans to rent the property out. They might require you to switch your residential mortgage to a Buy-To-Let mortgage – if that’s something they offer. Or, you can apply for a type of ‘consent to let’, where you get permission to rent out your property without having to switch mortgage types.

Our mortgage advisors are well-informed when it comes to ‘consent to let’ and Buy-To-Let mortgages, so if you feel you need more clarity, get in touch for some free advice.

 

The Future Accommodation Model pilot

The Future Accommodation Model (FAM), which is being piloted across 3 bases in the UK, is designed to give you more choice in where you can live while serving. While previously you might have been restricted to living in service housing, under FAM you could have the option of renting or buying in the private sector at a subsidised rate. If you’re eligible, and you decide to buy a home, you can apply to receive help towards the cost of your mortgage. If you’re participating in the FAM pilot, and you’d like to explore your options in terms of getting a mortgage to buy a home, it’s worth having a chat with one of our experienced mortgage advisors.

 

Conveyancing support for the Military family

When it comes to the legal side of your home move, you can get support through Forces Mutual Conveyancing, offered through Premier Property Lawyers. You get a dedicated conveyancer who stays in regular contact throughout the process, keeping you updated so you always know what’s going on.

 

What you can expect from our FREE Mortgage Advice service

Our Free Mortgage Advice Service is there to help anyone in the Military family find the right mortgage. Our advisors offer much more than just advice. We are there by your side throughout the entire mortgage process. Plus, unlike some other brokers, our mortgage advice is free – we don’t charge you any hidden fees. It’s also worth bearing in mind that our advisors have arranged mortgages for members of the Military family for many years. So, you can be confident that the advisor you speak to is well-equipped to guide you all the way.

You can find out more about our FREE Mortgage Advice Service by visiting forcesmutual.org/money/mortgages/.

Call 01543 440 944

Lines are open: Monday – Friday between 9.00am – 5.00pm

Your home may be repossessed if you do not keep up repayments on your mortgage.

Mortgage Excellence Plc, trading as Forces Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 03527577. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire, WS13 6QS. For your security, all telephone calls are recorded and may be monitored.