Military Mortgages

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Military Mortgages

Getting a mortgage as a member of the armed forces can seem more complex – but we have a lot of experience in supporting military personnel to buy a home.

Are there specific mortgages for military personnel?

There are no specific mortgages out there for military personnel, and generally you will apply for the same mortgages as anyone else. But you may find that some lenders are more understanding about life in the forces. 

Some of the nuances of serving in the military can make it more challenging to get mortgage approval – particularly if you have lived overseas for some time or moved around a lot. These factors can affect your credit rating and rule you out of some mortgage criteria.

How does the application process work for military mortgages? 

The process is the same as for any mortgage: seek mortgage advice, find a suitable product and complete the application forms. You will need to provide payslips and bank statements to prove your income, and the lender will check your credit record. 

Working with a good mortgage broker will make sure you find a mortgage that suits your circumstances. We complete the application forms on your behalf and make sure you meet all the criteria.

When is the fee due on a mortgage?

It depends on the fee and the lender. Some mortgages have a booking fee, which is payable on applying for the mortgage. An arrangement fee can either be paid at application stage or added to your loan – although that way you will pay interest on it. 

Not all mortgages have fees, and your broker will explain how it works for your chosen deal.

Should you buy a home while on active duty?

It’s straightforward to buy a home while on duty if you have a partner or family member in the UK who can keep things moving. If you’re buying alone, the challenge will be in viewing properties. Most of the mortgage process can be completed online if you do need to conduct it while deployed.

What mortgage assistance is available to the military?

The main option is the Forces Help to Buy Scheme, which has now been made permanent. This government initiative lets you borrow up to 50% of your salary for a property deposit, interest-free, up to a maximum of £25,000. 

The scheme is open to any member of the military as long as you have served for a minimum timeframe and have at least six months left on your contract. 

You will need to repay the loan when you leave the forces, or at the end of 10 years, whichever comes soonest. You could choose to remortgage to repay the debt, or repay it gradually over the 10 years. See the Government website for details.

How much will I be able to borrow?

Every lender may offer you a different mortgage total. Each has their own borrowing calculations based on your income and outgoings. You might choose to apply for a joint mortgage, which will take both incomes into account and usually means you can borrow more.

How can I improve my chances of acceptance?

It can be helpful to have a single, stable address for all your communications and contracts – perhaps a parent or partner’s address. Using the address of a barracks or ever-changing locations can harm your credit score.

Generally, though, mortgage acceptance is all about meeting the lender’s criteria. Working with a broker makes things simpler, because we know the lenders who are more likely to accept you. We’ll always make sure you meet all the requirements before recommending a military mortgage deal. 

What happens if I’m deployed during the mortgage process?

If you are deployed during the mortgage application process, we continue to act on your behalf. We’ll keep things moving and liaise with you at every step.

Once you own your property, you will have various options when you’re deployed. You might choose for your family to stay in the property during your tour, or leave the property empty while you’re away. You could also talk to your lender about letting it out, with the rent covering your mortgage payments.

How can a mortgage broker help on Military Mortgages?

Let us help you find a suitable military mortgage and save you time and stress. Our mortgage advisors have a lot of experience in helping forces personnel buy a home.  

We start by getting to know you and exploring your personal situation, your property goals and your career path. That way we can explore a wide range of lenders for military and armed forces mortgages that will suit you. 

Contact us today for more details on how we can help.

Approved by the Openwork Partnership on 12.01.24

Your home may be repossessed if you do not keep up with your mortgage repayments.