- From 5% Deposit
- No Credit Scoring
- Common Sense Underwriting
- Credit Issues Considered
- Maximum 40 Year Term
- Forces Help to Buy
- Ability to Let Property
Armed Forces Mortgages
As a member of the Armed Forces there are specific challenges to obtaining mortgage finance not encountered in ‘Civvy Street.’ The problem has become so serious that the Government has become involved and encouraged both the Council of Mortgage Lenders and the Building Society’s Association to be fairer. In January 2016, the Rt Honourable Michael Fallon MP made an announcement on behalf of the Ministry of Defence, stating that a number of lenders have agreed to be more flexible, when it comes to service personnel renting out their property whilst overseas. The announcement has still not gone far enough, as it failed to deal with the impact on credit scoring when using a BFPO address, or periods stationed on base or overseas, which so often results in automated lender declines.
As specialists dealing with the Armed Services, we are regularly told by serving personnel that they feel penalised when it comes to borrowing, because they may move regularly or have been stationed abroad for periods of time. This has a significant and detrimental affect on their credit score. There is a body of evidence to suggest that national mortgage and finance providers lenders can be less likely to accept an application when compared to other mainstream occupations.
Read More >>
