Serving in the UK Armed Forces demands unwavering commitment, discipline, and sacrifice. Yet, when it comes to building a secure future, such as owning your first home, the process should not add unnecessary stress. Many service members face unique challenges like frequent relocations, overseas postings, and variable incomes. Fortunately, military mortgage loans offer tailored solutions designed specifically for you.
Serving in the armed forces demands sacrifice and commitment, yet achieving the dream of homeownership often feels just out of reach. Frequent relocations, deployments, and financial uncertainties can make traditional mortgages seem daunting. What if there was a government-backed scheme designed specifically for you? Enter the armed forces help to buy mortgage, a powerful equity loan program that helps service personnel, veterans, and their families buy or build a home with as little as a 5% deposit.
For many serving members of the British Armed Forces, the dream of owning a home can feel out of reach. Frequent relocations, overseas postings, and the challenge of saving while balancing service commitments make it harder than for civilians to step onto the property ladder. That’s why the Military Help to Buy scheme was introduced: a unique initiative designed to make homeownership more accessible for serving personnel.
Absolute Military, is thrilled to announce the addition of John Greasby to our mortgage team.
Military personnel who are homeowners may consider renting out their property to earn an extra income. If you are being deployed elsewhere, it may not be possible to live in your home, so renting out your house in the armed forces is often a good option.
Mortgage Confusion
In 2022 a survey found that out of 2,000 homeowners in the last 20 years 54% admitted to being confused by certain aspects when buying a new home. 8 out of 10 explained they were too embarrassed to ask things like ‘what is stamp duty?’ or ‘what is conveyancing?’.
For active members of the armed forces, residential mortgages and buy to let schemes can all seem a bit of a headache. It can be especially hard to know what to do about getting on the property ladder when your home address changes depending on where you’re based. This problem only escalates if you’re sent abroad for a prolonged period of time.
The Bank of England has increased the Base Rate for the fifth time this year as inflation hits 9.4%, the highest level since 1982. What will this mean for military mortgage interest rates for the foreseeable future?
Navigating the mortgage application process can be stressful and confusing, so when it comes to remortgaging, it’s understandable that many are happy to revert onto a Standard Variable Rate (SVR). Back in February of 2022, 1.1 million people were on their lender’s SVR, which is a worrying statistic. For those unfamiliar with SVRs, these are the reversion * rates that lenders set for when a mortgage product ends, which are typically more expensive, and are variable, meaning that your mortgage payments are liable to change as the bank rates change.
There are several more reasons why someone would choose not to remortgage, however, they are all likely to be driven by myths and are easily resolved, helping you to save money, easily.
Thanks to Mortgages for Business, we now have a handy military mortgages calculator, which you can use to work out how much you can borrow.