Mortgages for those serving in the forces

herewegoagain2010

Sam
When we applied for our mortgage, the Halifax looked at the last 3 months and didn't ask about future engagement etc. We paid 60% down as a deposit and it went through without problem. The bank know that their money is safe and should the worse happen your deposit will cover their investment easily. A civvie can't guarantee a future income and could complete on a mortgage and then be laid-off for 6 months. I don't think you'll have a problem. Good luck.

Trying_to_be_good

Sam39

You will need to declare that you are soon to leave, the lender may take up a reference from the SPVA.

Presuming you have a plan of how you would cover the mortgage costs, you'll need to share this with any prospective lender, e.g. does you pension and wife's income cover the lending criteria?

My OH is serving, and as our mortgage goes over his 'retirement' date our lender wanted to assure themsleves we would be able to afford the payments (he's 42 and will 'retire' at 53, so that's a fair way off yet).

Any of us could be sacked/made redundant, but knowing your contract is ending MUST be declared.

Best of luck - a broker might be really useful, have a look at the mortgage guide on this site, and at some of the posts on the mortgage forum, too.

sam39

Quick update - I approached one mortgage lender today, everything sounded fine until asked whether there are any impending changes. So of course, I had to say that my discharge date is soon and was basically told that even though the pension would cover the mortgage, they wouldn't consider me until I had a firm job offer.

sam39

Hoping for some advice here. I am discharged at end of June after 22yrs and have seen a house which I wish to buy. I have £200k deposit against a £300k house and will have a pension of over £800 per month. My wife is a p/t Civil Servant on £9000k.
We have only approached one mortgage lender who asked for any 'impending changes' so I was quite honest. Maybe I shouldn't have been, but was immediately told that they would not be able to help. Now I'm in a catch 22 situation - unable to get a mortgage til I get a job, and the house is in a different location to where I'm living at present.
Can anyone offer any advice on which mortgage lenders may be a little more flexible or look favourable at our low LTV (33%) application. I'm busy applying for lots of jobs at present and am determined not to become 'unemployed' at the end of my time - I'll do any job initially to keep money coming in. Thanks.