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Armed Forces Mortgages

  • From 5% Deposit
  • No Credit Scoring
  • Common Sense Underwriting
  • Credit Issues Considered
  • Maximum 40 Year Term
  • Forces Help to Buy
  • Ability to Let Property
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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.

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At RockHopper, we understand and adopt a more common sense approach to Armed Forces personnel and are able to arrange for more flexible and unique underwriting criteria. We can look at differing income types, or the fact you may be stationed at home or abroad whilst applying.

Applicants who are serving in the British Army, Navy, Marines, Royal Air Force are eligible to be considered for the Forces Help To Buy (FHTB) scheme, whereby a deposit can be raised using the facility of an interest free loan of up to £25,000, depending on your circumstances. This includes those in active service, civilian and military support staff. The mortgage will be based on standard lending criteria and rates.

The key factor to our armed forces mortgages is that the lender will offer greater flexibility on criteria and will accommodate more specialist and unique requirements. These may include:-

  • Enabling Armed Forces personnel to purchase in the UK when stationed abroad
  • Enabling credit and other checks to be undertaken manually and not reliant on unfair automated credit systems
  • Enabling an override on the need for a 3-5 year UK based address history
  • Enabling the use of the Forces Help to Buy Scheme
  • Enabling consent to let a property whilst remaining on competitive residential mortgage rates
  • Enabling the property to remain unoccupied
  • Enabling those with missed payments and impaired credit to still be considered

We understand that the job involves travel and when you’re deployed to a battle zone, mortgages and finance may take a back seat. We are regularly advised by serving personnel that due to a short-notice relocation, credit payments were inevitably missed.  We are able to consider customers with impaired credit and will always consider each mortgage on a case by case basis. The underwriters we use will take a human, holistic approach and this avoids the automated computer saying “No”.

We will deal with your loan enquiry over the phone or email, which works well if you are stationed abroad. We will quickly be able to assess your circumstances and determine how much credit you can afford. We will advise on the amount you can borrow, the level of the monthly repayments, mortgage interest rates and whether the mortgage can be on a repayment basis, paying both interest and capital or pure interest only.

We will calculate your annual income and other loan or credit card commitments, assessing the overall affordability of the mortgage.

To discuss your situation with one of our consultants, either call us or send an online enquiry and we will make contact.

 

Best Deals -Purchase

Lender Initial Rate Type For Then APRC* ERC* Fee
BFU 1.44% Discount 2 years 5.64 5 2 years £1493
BBV 1.52% Discount 2 years 4.99 4.4 2 years £1493
BSO 1.65% Discount 2 years 5.5 5.1 2 years £1493
BSO 1.65% Discount 2 years 5.5 5 2 years £1493
BSO 1.65% Discount 2 years 5.5 5.1 2 years £1493
BSO 1.65% Discount 2 years 5.5 5 2 years £1493
BMS 1.69% Discount Aug-2024 5.99 4.6 31-Aug-2024 £1495
TIP 1.79% Discount 3 years 5.64 4.8 3 years £1505
BFU 1.79% Discount 2 years 5.64 5.1 2 years £1493
BBV 1.82% Discount 2 years 4.99 4.6 2 years £1493
*APRC = Annual Percentage Rate of Charge
*ERC = Early Repayment Charge
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

The mortgage products displayed above are as a result of the following search:
Reason for Mortgage: Purchase; Property Valuation: £200000; Mortgage Amount: £120000;Payment Method: Repayment; Mortgage Term: 25 years; Mortgage Product: All Offset: No Product Term Period From: 0 Months; Product Term Period To: 300 Months; .

The mortgage deals shown above are subject to individual status and a suitable security property. You may not be eligible for some or all of the deals shown given your status and/or the nature of the security property. For a more accurate indication as to mortgage deals you are eligible for, please contact us to discuss your specific situation and/or property.
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Rockhopper provided a precise, clear illustration of new mortgage proposal and ensured everything wa....
For service -  ProductTX/Riverside Mews
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Easy to work with.

By: Tim Baldwin
Rob and Alex are very easy to work with and you always feel like they have your back.....
For service -  Remo/Fairlea
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Very thorough, efficient service

By: Duncan Lees
After a very complicated first mortgage five years ago, we were quite apprehensive about the remortg....
For service -  Resi/Remo/Chelveston Road
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By: Ben Hornby
Alex and particularly David have been superb in helping us secure this remortgage which was not easy....
For service -  Resi/Remo/Slyne Road
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Very helpful, professional, and patient throughout what (for external reasons) turned into an except....
For service -  Expat/BTL/Gypsy Road
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David and Alex were very helpful in finding us a lender for our dream home. Thank you!....
For service -  Resi/Purchase/Austrey Lane
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By: Thomas Rae
They managed a remortgage when others could not. Would recommend to others.....
For service -  Resi/Remo/East Argyle Street
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By: Tim Wright
This was an excellent service from start to finish. Due to my circumstances ( paid in dollars) I cou....
For service -  Resi/Purchase/Heatherway
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Excellent service. Delivered my non standard mortgage. Anticipated challenges ahead and collected th....
For service -  Resi/Purchase/Monks Lane
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Had a great experience which resulted in successful purchase of our new home. Thanks to Alex Fryday.....
For service -  Resi/Purchase/Robson
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Very, very helpful and came through when others could not help (30+)

I wanted a mortgage at a particular LTV (20%) for a recent (less than 2 years) immigrant (Tier 2). I....
For service -  Resi/Purchase/Robson
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By: Andy Carmichael
We’ve had exceptional service from David and Alex to a difficult mortgage over the line. They have....
For service -  Expat/BuytoLet/Remo/King Edwards Road
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The best in the business.

Rockhopper has assisted me with my mortgage requirements on a number of properties. On every occasio....
For service -  Resi/Remo/Riddlesdown
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Highly recommended

By: Karl Davies
As a contractor earning salary in foreign currencies, I was unable to secure a mortgage via traditio....
For service -  Resi/Purchase/Hawthorns
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By: Francis Hornyold-Strickland
Great service. Lovely people and ended up with a great rate. My only suggestion would be to move awa....
For service -  ProductTX/Ferndale
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By: Gemma Hartley
A professional service from start to finish, good communication and helped me when other mortgage br....
For service -  Resi/Purchase/Upper St John St
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Rockhopper Mortgages are superbly professional and totally in control.

David Rostron and Alex Fryday of Rockhopper Mortgages were brilliant! I wanted to shuffle my mortgag....
For service -  BTL/Remo/Bay Tree
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Friendly, helpful and professional service.

By: Robert Cammidge
Friendly, helpful and professional service, took the stress out or re-mortgaging.....
For service -  Resi/Remo/Windham Road
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Superb service!

Excellent service from David and Alex, we were guided throughout the whole long process of our mort....
For service -  Resi/Purchase/Curlingham Crescent
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Excellent service

Refreshingly clear and straight forward process with strong, responsive communication.....
For service -  Resi/Purchase/Kenilworth Court
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RockHopper Mortgages is a trading style of RockHopper Origination Limited who is an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.

RockHopper Origination Limited is a company registered in England and Wales with company number 10241688. Registered Office:Rockhopper, Blackwell House, Guildhall Yard, London, EC2V 5AE

The information contained within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.

CONTACT US

Tel: 0203 621 5696
Fax: 0203 621 5697
Email:info@rockhopper.uk.net

Address: Rockhopper, Blackwell House, Guildhall Yard, London, EC2V 5AE

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