At Path Mortgages Ltd, we specialise in providing tailored mortgage advice for Armed Forces personnel, whether you’re serving in the Army, Royal Air Force (RAF), or Royal Navy. Based in Market Deeping, we support clients across Bourne, Spalding, Stamford, Peterborough, and the surrounding areas. However, we also offer remote mortgage consultations across the entire UK, ensuring that even if you’re stationed away from our local area, you can still benefit from our expertise.
We understand the complexities and unique financial situations that military personnel may face, including frequent relocations and the challenges of securing a mortgage for Armed Forces members while on deployment. With access to the whole mortgage market, our team offers a wide range of products to suit your needs, including expert advice on the Forces Help to Buy (FHTB) scheme, specialist military mortgage lenders, and first-time buyer mortgages for service members. We also offer flexible appointment times, including evenings and weekends, to fit your schedule.
Exclusive Discounts for UK Service Personnel
At Path Mortgages, we are proud to offer exclusive mortgage discounts for UK Armed Forces personnel. If you are a current service member, you can benefit from a free lifetime membership worth £300, available through the Defence Discount Service and for holders of the Blue Light Card. This discount is our way of recognising the contributions made by members of the military, helping to ease some of the costs associated with arranging a military mortgage. Whether you’re stationed locally or further afield, this offer is designed to make your home-buying process more affordable.
In addition to the discount, we work closely with lenders who support the Armed Forces Covenant, ensuring you receive fair treatment when securing a mortgage. Our network of lenders offers competitive mortgage rates and flexible policies tailored to the needs of service members looking to buy a home.
Understanding the Armed Forces Covenant
The Armed Forces Covenant is a pledge made by the UK government to ensure that those who serve, or have served, in the British Armed Forces are treated fairly. When it comes to buying a home, this covenant offers significant advantages.
One key benefit is that military personnel can purchase a property with a residential mortgage and rent it out from day one if they are deployed elsewhere. This unique flexibility allows service members to invest in homeownership without worrying about violating standard mortgage occupancy rules.
Lenders who support the Armed Forces Covenant acknowledge the mobility of service members and often offer more flexible mortgage policies. This ensures that even if you are reassigned, your mortgage terms remain suitable for your situation.
Additionally, the Covenant extends to other aspects of homeownership, such as easier access to mortgage credit and insurance products that cater to military personnel’s specific needs. This initiative aims to prevent Armed Forces members from being disadvantaged due to the nature of their work.
Did you know: In April 2024 the total size of the full-time UK armed forces (trained and untrained) was around 148,230 personnel
(source)
The Forces Help to Buy (FHTB) Scheme for UK Military Personnel
The Forces Help to Buy (FHTB) scheme is a valuable initiative designed to assist service members in purchasing their first home or moving to a new one. Through the scheme, you can borrow up to 50% of your salary, with a maximum limit of £25,000, interest-free. This amount can be used towards your deposit and other home-buying costs, such as legal fees and moving expenses.
Having a larger deposit can accelerate your home-buying journey and may help you secure better mortgage deals. At Path Mortgages, we have extensive experience navigating the FHTB scheme. Our adviser, Phil Greaves, a former member of the Parachute Regiment, has personally gone through the process and understands the unique challenges involved. We can guide you step by step to ensure you take full advantage of this opportunity.
Eligibility for the FHTB Scheme
To qualify, you must:
- Be in regular service.
- Have completed the required length of service.
- Have more than six months of service remaining.
For more detailed information on eligibility and requirements, please refer to the FHTB Eligibility Guide or speak with one of our mortgage specialists for military personnel.
If you are considering applying for Forces Help to Buy, it is essential to plan ahead. Understanding the timeline for processing applications and ensuring you meet all eligibility criteria can streamline the process and help you secure funding without delays.
Other Government Schemes for UK Military Personnel
In addition to Forces Help to Buy, there are several UK government schemes that may be beneficial for Armed Forces personnel looking to purchase a home:
- Lifetime ISA (LISA): If you’re saving for your first home, the government provides a 25% bonus on savings up to £4,000 per year, making it a great way to boost your deposit.
- Shared Ownership: Allows you to purchase a portion of a property and pay rent on the remaining share, making homeownership more affordable.
- Right to Buy: If you’ve lived in military accommodation for an extended period, you may be eligible to purchase your home at a discount.
Our mortgage advisers can help you explore these alternative home-buying schemes to find the best option for your circumstances.
Since the scheme began 29,439 successful claims have been made up to According to Gov.uk 16/05/2024
www.gov.uk
Additional Considerations for Military Home Buyers
Location and Future Deployment
When purchasing a home, consider your proximity to military bases and how future deployments could affect your housing situation. If you anticipate being posted abroad, you may need a mortgage with flexible terms that allow you to rent out your property if necessary.
Joint Mortgage Options
If you are purchasing a home with a spouse or partner, you might want to explore joint mortgage options. Some lenders offer special terms for military couples, ensuring both incomes are considered even if one partner has a non-military career.
Understanding Mortgage Protection Insurance
Given the unique risks associated with military service, mortgage protection insurance can provide an additional layer of security. This type of insurance ensures that your mortgage repayments are covered in the event of serious injury, disability, or death while serving.
Did you know: There were 1.7 million households (7.0% of all households) with one or more persons who had served in the UK armed forces.
(source)
Preparing for Your Mortgage Application
Applying for a military mortgage requires careful preparation to ensure you meet the lender’s requirements. Here are some key steps:
- Check Your Credit Score: A higher credit score increases your chances of securing a better mortgage deal.
- Gather Financial Documents: Have your payslips, bank statements, and proof of savings ready.
- Reduce Outstanding Debt: Lowering your debt-to-income ratio improves affordability assessments.
- Consider Future Deployments: If you expect to be relocated, consider whether a flexible mortgage is best for your situation.
- Get Mortgage Advice: Consulting with a specialist mortgage broker for military personnel can ensure you choose the right mortgage for your needs.
Get Expert Military Mortgage Advice from Path Mortgages
At Path Mortgages, we specialise in providing expert mortgage advice for military personnel across the UK. Our team of specialist mortgage brokers understands the unique challenges of securing a mortgage while serving in the Armed Forces.
Speak with Path Mortgages today and let us help you secure the best mortgage for UK military personnel. Whether you are a first-time buyer, relocating due to deployment, or investing in property, our experienced team is here to help.
Your home may be repossessed if you do not keep up repayments on your mortgage.
