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How to Get a Mortgage if You are in the Armed Forces

forces help to buy mortgage

If you're one of the UK's 140 000 Armed Forces personnel then you'll probably know that getting a forces mortgage isn't always simple. Having no permanent address and being abroad for significant amounts of time can all have a real impact when it comes to being accepted.

So what should you do? 

Find Out What Help is Available

The good news is, there are a number of options available to help forces personnel when it comes to buying a house. A couple of examples are:. 

Long Service Advance of Pay (LSAP)

This is available to all serving military personnel who have served for four years or more. It's an interest free loan of up to £8500 for those wishing to buy a property in the UK.

Forces Help to Buy (FHTB)

This £200 million scheme helps forces personnel to get on the property ladder. Service men and women can borrow up to 50% of their annual income (up to a maximum of £25k) interest free to either buy their first property or to move to another property on assignment.

Am I Eligible?

You are eligible if:

  • You still have at least 6 months left to serve
  • You've completed a minimum length of service
  • You meet the required medical standards

There may be other requirements depending on your circumstances so it's a good idea to seek advice from your chain of command or through your personnel agency.

Specialist Mortgage Lenders

There are specialist lenders out there who will offer mortgages to forces personnel. For example, there are some lenders, that will allow you to buy a house with a 5% deposit and then let it out. normally to let the house out you need a 25% deposit.

It can be well worth seeking a more specialist mortgage like this because you'll generally be better off.

Check Your Credit Report

It's a good idea to check your credit report before you apply for a mortgage. This way you can see in advance if there's anything on there that could impact your application.

There are 3 main Credit Reference Agencies in the UK and it's a good idea to view your report with each of them as there may be some differences.

Experian

Equifax

TransUnion (formerly Call Credit)

For help with improving your credit score, check out our recent blog post: 5 Ways to Improve Your Credit Score

Speak to an Expert

Getting a mortgage can feel complicated and overwhelming at the best of times, but especially so when you're in the forces. Here at BB, we've helped hundreds of forces personnel to find the right mortgage - and to get full advantage of all the help that's available to them. 

If you'd be interested in booking a friendly chat with one of our experts to discuss what options are available to you, then pop your details below and we'll get in contact.

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Ellen King

Absolutely delighted with the service we received from Dean. The advice we received was timely and thorough; the service provided went above and beyond our expectations compared to other mortgage advisors we have used in the past and the whole application process was made straightforward and stress free. Overall, an excellent value for money service that I would highly recommend.


Ellen King

2019-09-04T15:53:10+01:00

Ellen King

Absolutely delighted with the service we received from Dean. The advice we received was timely and thorough; the service provided went above and beyond our expectations compared to other mortgage advisors we have used in the past and the whole application process was made straightforward and stress free. Overall, an excellent value for money service that I would highly recommend.

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.


Miss Knight

2016-03-22T17:24:36+01:00

Miss Knight

We would like to take this opportunity to thank you for your efforts in making it possible for us to purchase our first property.  You have been brilliant and your services have been friendly, helpful, swift and professional.  We cannot thank you enough and it has been an absolute pleasure working with you.  What is known to be a stressful time has been very smooth and I have yourselves to thank for this.

Mr L

Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

2016-09-13T12:38:09+01:00
Mr L hadn’t sold his house but had found the house of his dreams, we arranged a mortgage that allowed him to buy his new house without selling and a mortgage that was flexible enough for him to pay a large amount off when he sells his house.

Miss G

Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

2016-09-13T12:43:22+01:00
Miss G sold her house and had found a new house, it all looked straight forward but she had a historical bankruptcy which meant lots of lenders were declining her. We found her a mainstream high street lender that would offer a mortgage even with her previous bankruptcy.

Mr W

Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

2016-09-13T12:48:10+01:00
Mr W works abroad but wanted to buy a buy to let property, most lenders will require him to own and live in in a mortgaged property in the UK, however we found a lender that would lend at sensible interest rates for a new buy to let purchase.

Mr C

Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.

2016-09-13T12:49:06+01:00
Mr C wanted to buy a student house in Lincoln via a limited company to take advantage of the income tax benefits of this. He spoke with other brokers and high street lenders all of which said it wasn’t possible. We found a building society who specialise in this with sensible fees and interest rates.