Mortgages for Ex Forces
Best Mortgage Rates
Mortgages for Ex Forces
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- Lloyds Bank
- 4.07% Initial
- 5 year fixed
- 6.6% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.10% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.14% Initial
- 5 year fixed
- 6.3% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 5 year fixed
- 6.4% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.17% Initial
- 2 year fixed
- 6.7% APRC
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Cashback £0Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- Halifax
- 4.18% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
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- 4.19% Initial
- 5 year fixed
- 6% APRC
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Cashback Max £1,250Free LegalsFree Valuation
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- 4.19% Initial
- 2 year fixed
- 8% APRC
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Cashback £0Free LegalsFree Valuation
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- 4.20% Initial
- 5 year fixed
- 6% APRC
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Cashback £0Free LegalsFree Valuation
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Mortgages for Ex Forces
Ex-forces mortgage deals: compare the best
You may be eager to get your foot on the property ladder as soon as you return to civilian life after serving in the armed forces. If you have been in the forces since the age of 18, you may have never owned a property, and even if you joined later, you may have spent many years living in forces accommodation or overseas.
Ex-military mortgages
Obtaining a mortgage as an ex-forces professional can prove challenging due to your unconventional career and lifestyle. Due to the all-inclusive nature of many army postings, you are likely to have little experience renting property from conventional landlords, for example.
The fragmentary nature of military life, with frequent moves to new postings and extended time abroad, can also affect your ability to build up a UK credit rating.
Mortgage lenders specialising in unconventional mortgages, such as those for veterans, are available. You can get a mortgage with these lenders if you have a limited credit record due to your military background, and they can consider each application individually.
When applying for a mortgage, former members of the British Army, Navy, Marines, or Royal Air Force, whether on the front line in active service, or as support staff, may qualify as ex-forces. You may be eligible for certain home buying schemes to ease the transition to civilian life.
Of course, you will still be required to meet standard lending criteria, including providing an adequate deposit, having an appropriate credit history, and being financially qualified.
Ex-forces mortgage deals: things to consider
To make sure that your mortgage application has the best chance of being accepted, you should consider the following points:
- Maintain an up-to-date credit record – you can check your credit rating online and make sure that all the information shown on it is up-to-date an correct
- Make sure that you are on the electoral roll – this will likely improve your credit score
- Get the biggest deposit you can afford – this will allow you to get a mortgage with a lower loan-to-value ratio (LTV), resulting in a better interest rate for you
- Consider Government schemes - the Government often runs housing programmes for serving and ex-forces members, especially for new-build properties, so it may be worth considering. If you have a 5% or 10% deposit, you may also qualify for the Help to Buy scheme, which offers Government-backed loans and guarantor mortgages
To investigate your mortgage finance options, call our broker team or fill in our call back form - speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464