leaving army, will get mortgage?

13foxxy

Hi we were saving up to buy our own home and even have some deposit but sadly my husband has ben made redundant. Does he have any chance of getting a mortgage if we show them that he will have resettlement & redundancy money coming in?? He should receive abt £45000. thanks

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Gonzo33

If I am honest I think he will struggle. I used to be a mortgage underwriter and one of the questions on most applications is whether or not the applicant has been, or is at threat of redundancy.

Maybe it would be better to rent for 6 months after he has left which gives him time to get s job and out of probation before making a mortgage application.

If you want any help feel free to message me.

Gonzo33

Just thought, try Forces Property Direct.

http://www.fpdirect.uk.com/redundancy-package

They may well be able to help.

Trying_to_be_good

Your mortgage prospects will depend on your future household income - if you have your own income, or your OH is going to another job, you stand more chance, though there may be some probation period for your OH to complete before his income would be considered.

Good luck for your return to life in civvie street.

peteuk

I dont want to point out the obvious, but you will need to make you monthly payments, if they can see no income after a certain date I very much doubt you will get a morgage.

Its great saying I am getting £45K, but for all the bank know once youve got the money and a morgage you can blow the £45K on something else (not that I am saying you will)

I know people see renting as dead money, but if your in SFA youve been renting, albeit, cheeply.

Nows the question...how long has he done! does he qualify for a pension. If he does then that can be used as income! It will show he is getting an ammount each month.

Use the £45K for a deposite, it will reduce the amount you borrow, thus reducing the amount you pay back.

Good Luck

jo22_2

We're in the same boat. Hubby coming out of the RAF this week on redundancy. We're sticking it out in our quarter for now. Will have the money for a deposit and his pension will cover a mortgage and a bit left over but knew we wouldn't get a mortgage until he gets a new job. Even if we could have I didn't want to risk that it might take him a while to get a new job. (Two interviews Monday! Crossing everything!)

The rent... sorry... the 'damage for trespass' will still be cheaper than renting privately at market value. Plus we didn't want to move short term to then move again when we buy.

13foxy - did you not attend any housing briefs? We went to one back in April where all our options were explained plus we were given contacts for Financial Advisors who specialise in dealing with the Forces.

peteuk

jo22 wrote: »

Will have the money for a deposit and his pension will cover a mortgage.

I am guessing that although you have a monthly income (pension) that a bank would look at your full income i.e. pension + wage (if employed) and then look at the out going. Although the pension will cover the morgage that will leave a little to live off and they wont take the risk!

Pete

jo22_2

Exactly Pete. Hubby still needs a job to have money for other bills and living expenses which is precisely why we decided to wait. Wouldn't have had the deposit either if we'd applied earlier so it would have been pointless. (Apparently we could have applied to get up to 80% of his terminal benefits when he still had 6 months to serve but as usual they don't tell you this and we only found out by accident when it was too late to apply.

Hoping he gets one of these jobs on Monday then we can really start to plan. Today is the first day of his civilian life after 25 years in the RAF. 32 years altogether: Army, TA and RAF! LOL

misstasty

OH My Goodness, Pardon the pun but I am in the same boat. My husband left the army after his 22 years in April. we did initially try for a mortgage and had about a three week window where we could have legally provided all the paperwork ect, but time ran out and he was officially unemployed, had the gratuity in the bank, but no job....stayed in army quarters as long as I could manage it as it was the worst posting location ever. Decided to private rent, but as he didn't have a job we ended up stumping up 8 months rent in advance to secure a house in a better location. So Yep the deposit funds were leaking away...I was panicing don;t want to rent forever etc etc....he now is working on the maritime security circuit....but although its good money we still will struggle to get a mortgage because he is classed as self employed! Its a joke!!!!!!

devonlad

Hi all, had kind of sim prob but as i could transfer my trade to the nhs they accepted our application. Ok i reckon that you guys should check this site out
http://www.homebuy.co.uk/

Its a goverment scheme to help peeple like you guys. they have many options like buy a third of the property say£45000 and then pay cheap rent on the rest. you can then buy as much back as you can manage as you go

regards
ex coldstream guard, then QRANC and lastly RAMC. :beer: got itchy feet but did alright got a degree out of them and now work for NHS

jo22_2

Have checked that out too devonlad. We were given the details at the housing brief. Just in limbo at moment till hubby gets a new job.

BTW just want to ensure everyone is aware that military personnel retain priority status for schemes like homebuy, firstbuy, etc. for 12 months after leaving the services. If anyone is going down that route - and it seems to only apply to new build properties, make sure to do it within 12 months of leaving or you lose that priority status.