February 12, 2021
Let's tell you if you can get a mortgage after a quick look at your circumstances
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If you're in the armed forces you can use a £200-million scheme designed to help you get on the property ladder. It launched back in 2014 to help change the fact there was a low rate of homeownership across army, navy and airforce personnel, but has been extended until the very end of 2022.
You could borrow up to 50% of your salary, interest-free to get your first home.
You can also use the scheme to "move to another property on assignment" or as their families' needs change.
By boosting your deposit.
The larger your deposit, the better the chances you have of getting approved for a mortgage. Furthermore, the larger the deposit, the better the rates you could get.
Let's look at an example:
The loan is interest-free, but you will need to pay it back and that could affect your affordability.
That means with the extra monthly financial commitment of paying back the loan, a lender may not think you could afford to pay back the mortgage too – especially if interest rates rise or you have another change in your circumstances.
That said, the loan is designed to get you on the ladder, and there are many options to repay, so you could reduce its impact on your affordability.
The loan is interest-free, but you do need to pay between £6 and £7 a month in insurance.
Many mainstream lenders accept applications using the Armed Forces scheme. You can weigh up the best options with our expert Mojo advisers.
No. But as with any mortgage application, using a broker such as Mojo, can really help you find a deal that could save you thousands of pounds over the coming years.
You need to have completed the pre-requisite length of service, have more than 6 months left to serve, and meet the right medical categories.
Even if at first glance you do not meet these criteria it can be worth speaking to the Defence Business Services Military Personnel, FHTB Section as some exceptions can be allowed – especially with regards to medical and personal circumstances.
A maximum of £25,000.
It has to be used to buy a property, but can also be used towards associated costs such as solicitor fees.
The FHTB scheme isn't related to mainstream schemes and so can be used alongside the government’s Help to Buy schemes (Equity Loan and Shared Ownership), Help to Buy (Scotland) and Help to Buy (Wales).
You apply for your loan via the Joint Personnel Administration system.
Here's a few other articles you may find useful.
Want to see what skeletons are in the financial closet? It's pretty easy to do and can be the difference to getting a mortgage or not.
It's a big question, isn't it! Fortunately Mojo is exactly the right place to find the answer. See what matters here and be ready to see your rates in minutes.