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Serving with HM Forces Overseas and requires mortgage
avaitor628
Posts: 1 Newbie
I am currently serving overseas and would like to obtain a mortgage towards my home in the UK. As this will be my sole property, do I qualify for a first time buyers mortgage?
Whilst serving overseas my intention is to rent the property out until my return where I will live in it. I have spoken to colleagues and have been informed I will have to obtain a Buy to Let mortgage, which incurs additional fees. I do not own a portfolio of properties and would like to enjoy the privileges of my civilian counterparts. I would be grateful for any advice from those who are in the mortgage business. Thank you in anticipation.
Whilst serving overseas my intention is to rent the property out until my return where I will live in it. I have spoken to colleagues and have been informed I will have to obtain a Buy to Let mortgage, which incurs additional fees. I do not own a portfolio of properties and would like to enjoy the privileges of my civilian counterparts. I would be grateful for any advice from those who are in the mortgage business. Thank you in anticipation.
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Comments
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Armed forces personnel are permitted to purchase a property using a residential mortgage even though they do not intend to live in the property immediately but instead plan to let it.
Most lenders will accept this. The main one I can remember which won't is Northern Rock.
http://www.thisismoney.co.uk/money/mortgageshome/article-1684902/Armed-Forces-barred-from-best-mortgages.html
Links you to the story from back in 2009.
The specialist brokers dealing with the armed forces should be able to help.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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