Back to News

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

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

Posted on 15/05/2020

Forces Mutual

Filed under

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 our team are experts at finding mortgages for the Military family

Since 2012, over 5,000 members of the Military family have chosen Forces Mutual’s free Mortgage Advice Service to find them a mortgage. One reason it’s worth picking up the phone is because you get to speak to an advisor who’s experienced in finding mortgages for serving Forces personnel.

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.

Here are four things our mortgage advisors understand that a high street lender may not.

  1. Pay & Conditions

Because they regularly find mortgages for the Military family, our 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.

Your 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 and Future Accommodation Model

Both the Forces Help To Buy scheme and the Future Accommodation Model are designed to help provide armed forces personnel like you to meet your aspirations of owning a home. Our mortgage advisors have a full understanding of both, 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. Our 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.

  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 can be waived if you are serving in the Military. Our mortgage advisers can offer advice on the options available to you.

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 lenders only have a limited number of mortgage products, our advisors have access to the whole of the mortgage market, so they can find the best deal for you.

Our FREE Mortgage Advice Service help you find the best possible deal

As a member of the Military family, you can access our FREE Mortgage Advice Service. The first step is to give us a ring on 01543 440 944 (Mon-Fri 8.30am - 5.30pm). We will take some details from you, for example, your incomings, outgoings, age, and what kind of mortgage you think you need. This first call shouldn’t take any more than about 15 minutes.

We’ll then arrange an appointment with your own expert mortgage advisor. It’s their job to help you find the best possible rates. They’ll research the whole of the mortgage market and come back with the best option for you. 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.

Call 01543 440 944

Lines are open: Monday - Friday between 8.30am-5.30pm

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.