Mortgages for Military Personnel
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Compare Mortgages for Military Personnel
Being in the military can mean moving home at short notice, as well as being stationed overseas and having to organise a mortgage from abroad, and therefore a specialist mortgage broker could help you to make the process of getting mortgages for military personnel smooth and easy.
Getting a mortgage while in the military
If you are a member of the armed forces, you could be eligible for a mortgage with the Forces Help To Buy Scheme (FHTB), which was set up by the Government in April 2014 and is intended to run for the next three years.
The Forces Help To Buy Scheme is intended to help military personnel get on the property ladder by allowing people in the armed forces to borrow up to 50% of their salary interest-free to buy a first home or to move to another property. You could borrow a maximum of £25,000 to help with a deposit, solicitors’ fees and other moving costs. The loan is interest-free and is repaid over ten years. Many mainstream mortgage providers offer the FHTB scheme.
Who could qualify for mortgages for military personnel?
You could be eligible for specialist mortgages for military personnel if you fulfil any of the following criteria:
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You are currently serving in the British Army, Navy, Marines, or Air Force – in this case you may be eligible for the FHTB Scheme
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You have at least six months left to serve at the time you apply
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You do not already own a home that is within a 50 mile radius of where you plan to buy – unless, for example, you have family or medical circumstances that mean you required a new or different property to accommodate your needs