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How to find the right mortgage deal when you work in the Armed Forces

How to find the right mortgage deal when you work in the Armed Forces

Posted on 05/02/2024

Forces Mutual

Filed under Money

Choosing a mortgage is probably the biggest financial decision you ever have to make. Just like anyone looking to borrow money, if you work in the Military you’ll be approved for a mortgage based on your ability to meet the monthly repayments, once your income and outgoings have been taken into account.

But there are certain schemes available to Military personnel designed to help you buy a home. So, it’s a good idea to get advice from an advisor who understands the Military family.

Four reasons why the Mortgage Advice Service, provided by Tenet Mortgage Solutions Limited, can help you find the right mortgage.

It can be a pretty anxious time trying to find the right mortgage. So, it’s reassuring to know the advice you’re getting is right for you, as a member of the Armed Forces. The mortgage advisors at Tenet Mortgage Solutions Limited are experienced in finding mortgages for serving Forces personnel. Here are four things they understand that a high street advisor may not.


  1. Pay & Conditions

Because they regularly find mortgages for the Military family, the mortgage advisors have a good understanding of your Military pay and conditions. For example, they know how much of your income can be used for affordability purposes. Likewise, they know specifically which deductions to your salary a lender will take into account.

The mortgage advisor will clarify how a lender will see your financial situation and advise you on the best deal for you. 


  1. Forces Help To Buy

The Forces Help to Buy scheme is designed to help Armed Forces personnel like you, meet your aspirations of owning your own home. The mortgage advisors have a full understanding of the scheme and can advise you on how to combine the help available with the right mortgage. 


  1. Understanding overseas personnel

Knowing which mortgage is right for you when you’re going to be stationed overseas but want to buy in the UK, can be confusing. The mortgage advisors will guide you on which lenders will consider this type of scenario, so you can be clear on what options are open to you. If you are currently based overseas, Tenet Mortgage Solutions are unable to provide advice due to regulatory restrictions. Advice can be given when you are in the UK.


  1. Consent to let

If you’re being deployed overseas, or somewhere in the UK away from home, you may be considering renting out your house. If you have a residential mortgage the first thing to do is inform your mortgage lender that your circumstances have changed. They will probably ask you to complete a ‘consent to let’ form and may request you switch to a Buy-To-Let mortgage. There are sometimes fees charged for doing this, although these could be waived if you are serving in the Military. The mortgage advisors can offer advice on mortgages that will allow you to rent out your house.

If you don’t understand the mortgage markets, or you’re worried your role in the Military doesn’t leave you enough time to search for the best deal, getting some advice is essential. Whereas some brokers have access to a limited number of mortgage products, the Mortgage Advice Service advisors have independent access to the mortgage market, so they can help find the right deal for you.


The FEE-FREE Mortgage Advice Service—helping you find the right mortgage deal

As a member of the Military family, you can access the Fee-Free Mortgage Advice Service provided by Tenet Mortgage Solutions Limited. The first step is to give them a call on: 01543 221 214 (Mon-Fri 9.00am - 5.00pm). They’ll take some details from you, for example, your income, outgoings, age, and what kind of mortgage you think you need. This first call shouldn’t take any more than about 15 minutes.

They’ll then arrange an appointment with your own expert mortgage advisor. It’s their job to help you find the right mortgage deal for you. They’ll research the whole of the mortgage market and come back with the best option. But the service doesn’t stop there. Your mortgage advisor will be there to guide you through the entire mortgage journey, always at the end of the phone if you have any questions about your mortgage application.

A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage.


Important things you should know.

PMGI Limited, trading as Forces Mutual, has chosen Tenet Mortgage Solutions Limited, part of Tenet, to provide customers with a Mortgage Advice Service. Tenet Mortgage Solutions Limited will provide you with independent mortgage advice and will make a recommendation based on your circumstances and requirements. You will not receive advice or any recommendation from Forces Mutual. If you take out a mortgage recommended by Tenet Mortgage Solutions Limited, PMGI Limited will receive a fee for this introduction. This fee is 24.8% of the money that Tenet Mortgage Solutions Limited receives as commission from the mortgage lender.

The Financial Conduct Authority does not regulate some Buy-to-Let mortgages.

Call Tenet Mortgage Solutions Limited on:

01543 221 214

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

Find out more

PMGI Limited, trading as Forces Mutual is authorised and regulated by the Financial Conduct Authority. Financial Services Register No. 114942. Registered in England & Wales No.1073408. Registered office: Brookfield Court, Selby Road, Leeds, LS25 1NB. For your security, all telephone calls are recorded and may be monitored.