Forces Mortgages

Forces Help to Buy

Want to get on the property ladder? Or maybe you already are…

With so many factors to consider, it’s important that you speak to someone who really knows what they are talking about. We look at the whole picture and have experts to hand to advise you on all aspects of your property purchase. In addition, our mortgage expert, Nadine Monks is a recognised member of SIIAP (Services Investment and Insurance Advisory Panel) which means she specialises in dealing with lenders that are ‘Armed forces friendly’ and can help with Forces Help to Buy, BFPO addresses and poor credit rating due to numerous postings amongst other issues that military families face.

Here’s a summary of some of the options you might be considering aside from your traditional residential mortgage…

Forces Help to Buy

Buying a home after years of moving around, march outs and magnolia is an exciting time and a dream that many forces families aspire to. With the introduction of the Forces Help to buy scheme in April 2014 ( see more details at https://www.gov.uk/forces-help-to-buy), this ‘dream’ is fast becoming a reality for many more serving personel and their families. However, the scheme is only being piloted until April 2017 and the future after this date is unsure, so now is the perfect time to gather your information and see if it’s the right option for you and quite possibly the ‘leg up’ you’ve been waiting for.

Did you know this scheme is also available to those who already own a property but is deemed as unsuitable for your family requirements? You can also use it alongside other deposit schemes such the government help to buy. Read our blog for more handy hints and information on the scheme.

 Read more here…

There are lots of other affordable housing schemes out there and the mortgage options are endless, which is why we want to help you make sense of it all…

 

“ I often speak to clients who are still weighing up their options and just want some simple to understand information and advice about it all, without the commitment of an appointment at the bank or with a pushy, sales driven advisor…I love the fact, that I can talk to people from both sides of the fence, as I myself have lived in SFA’s, rented out property and bought a home with the help of the forces help to buy in preparation for my husbands end of service… When you team this with my many years of mortgage experience, I believe it’s an unrivaled service “

Nadine Monks – Financial planner (non-investment), director and founder of Evolution Forces Families

 

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Investment properties

You might not be ready to put down roots just yet and need to keep your options open, this is why buying a property to rent out (or buy to let, as is often referred to) can often be a good option. This means you still have a foot on ladder whilst deciding your end destination. There are many mortgage lenders that offer what is called ‘consent to let’ to members of the armed forces, which allows you to purchase a home in the normal way with a residential mortgage, but with a special agreement in place, that will allow you to rent it without the extra charges normally incurred for a rental property. Maybe you are considering creating a property portfolio …As with all things financial there are various pros and cons to consider, but again, we can help you decide what is best for you.

Affordable housing schemes

Aside from the Forces Help to Buy scheme, there are also other options available if you are struggling to get together a full deposit or the size of mortgage you need. There are currently 3 other ‘help to buy’ schemes available. These being equity, guarantee and new buy. In addition there is also Shared Ownership, right to buy and right to acquire. (This applies to England only as the rest of the UK have differing schemes) They all have their own merits, pitfalls and eligibility criteria. Please get in contact if you would like to know more and if they would be suited to you.

Remortgage

This is a term used for when you already have a mortgage in place and either your current deal has come to an end or is no longer suitable for whatever reason. Some people also use this term for when they borrow more than the original amount. Any existing clients already benefit from our review service and we welcome new clients that would like to do the same. Regular reviews of your mortgage and finances ensure that you are not paying more than you need to and increase your chances of early retirement.

 

YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENT ON IT.

Relevant Blog Posts and Articles

Getting mortgage ready

Buying a property is never a quick process but with the right preparation, it is possible to get there and a worth-while investment of your time. Here are our top tips for getting mortgage ready. Check out and improve your credit score. There are a few online tools...

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