Mortgages for those serving in the forces

asgaard

zyonchaos wrote: »

(www).afhos(dot)co(dot)uk

Just correct my grammar it wont let me post links properly as a new user lol

It might be worth checking this link out forces house buyers new pilot scheme from government.

(someone more savvy might be able to see the flaw in this, you know if it is to good to be true and all that)

Well, I can see one. Only available in England!!

losethedebtlou

I have been in the Army for 7 years and have lived at a number of different addresses as you can appreciate. I always use my army address for all my bills as I live far away from my parents and need my mail. On my credit file I have 10 linked addresses! Some of them are different and some are repeats. This is from moving all over the shop, I recently moved again in December 2009. Is this going to make it harder to get a mortgage? Am i better off changing back to my parents address and leaving it be? I am not planning on applying for a mortgage for about 3 years anyway, but if i add my parents address to my credit file as my permenant address I cant prove that I live there as I do not have any bills going there. Can someone advise please?

Louise

Mummy_Jo

My husband and I didn't have problems getting out mortgage but we had been living in our quarter for 2 1/2 yrs. We are RAF. My best friend is in the Army and whilst we have moved once in 10 years through choice to buy our own place she has moved 8 times! She has had two mortgages and a remortgage in that time and address hasn't been an issue. We have independent financial advisors in the village next to the station and we took advice from them. Try the local banks/ financial advisors where you are currently based as they will come across military people seeking mortgages quite often. I'm sure its not that bad. Go and see them now and get advice from them so you can prepare for three years time.

Jo
xxx

losethedebtlou

Thanks so much for your advice, I will definitely see someone about it to put myself at ease.

Alias_Omega

Lou,

You will never know till you try.

Reminds me of when i was back at RAF Leeming a few years ago, i completed the forms to be on the electoral role as ive had problem getting credit cards in the past.

I went to buy a car, and on completing the paperwork in the garage (a major chain), they asked for my postcode. They entered this, and i seem to remember about 8 people apparently lived where i did. Nevermind the 2000+ people living on the station.

Ive had a mortgage for over 15 months now with no issues, i went to a mortgage broker who was able to sort us out. We had a very low LTV rate, so the risks were low.

Speak to a 'All of market, fee free broker' (ask the broker that, as they should get paid from the mortgage company, plus we setup life assurance with him for £100,000 for £9 a month)

Regards,

Alias

stephenni1971

Make sure and use an adviser with knowledge of the Armed Forces - many lenders will relax their criteria to allow for the fact that address history can be patchy at best.

I have recently completed several cases for clients who have been in Germany the last few years and have little to no credit history in UK so it doesn't have to be an issue.

I am NOT touting for business here - just showing that it is possible to get a mortgage in non-standard circumstances.

minirolo2004

Hello all,

About a month ago someone posted a thread about worries over getting a mortgage etc due to lack of a credit rating. The thread rang true with me as I was just starting the process myself, I was hoping this thread may help others.

In Jan, I switched mobile phone providers and was horrified when I didnt pass their credit check. Not because I have a bad credit score, but, because I simply have no credit! I'm in the RAF and I have had 5 addresses in the past 5 years, I wasn't on the electoral role, I have a credit card which I haven't used in years so yup, literally NO credit. But I'm very good with money which, I was essentially being punished for. I tried to check my credit score with experian, but, they needed so much paperwork to verify who I was, I decided to just go ahead with trying to get a mortgage.

I got myself on the electoral role ASAP, although, I was told it would be 2 months before that would be processed. I also set up a DD to pay off my credit card each month and I now buy 1 magazine each month.

Anyhow, towards the end of January, I approached a local mortgage broker in the hope that she dealt with RAF often. I had a 10% deposit saved up and had elected not to use LSAP. I explained my concerns and fears and she seemed completely non-plussed. As it turned out, she was correct, I just had to jump through a few more hoops than normal for the mortgage company in terms of proving affordability.

Its now the beginning of April and I exchanged on my first home yesterday and I move in at the end of the month. For anyone who really is worried about their credit score and applying for a mortgage, it worked out ok for me and my fears were unfounded. If you truly are concerned, go and see a mortgage advisor (mine charges nothing and takes a small fee on completion) and hopefully that meeting will help some of your worries.

Alias - if you believe this post belongs elsewhere, please move it to there, however as a member of the armed forces and how much worry this caused me - I hope it helps someone else.

13Kent

Congratulations! Glad it all turned out ok.

Alias_Omega

minirolo,

I will merge this thread in with the sticky on mortgages.

Regards,

Alias

sam39

Sorry if I am posting this in the wrong place, but I have seen a house which I wish to purchase with only a mortgage of around £100k (33%) of the value (£300k).

I have not spoken to any mortgage lenders yet, but am concerned that I may be refused because I only have 3 months left before completing my 22yrs and discharged. I have no debt/credit probs. My wife is employed but her part time salary is only £9000. I will be receiving a pension of roughly £8k from my discharge date.

Would love to hear from anyone else who has been in a similar situation ie. applying for a mortgage in their last few months. Some say that I may only be asked for last few payslips etc, not future details but I'm wondering whether they are likely to ask about discharge date etc?

Thanks in advance.