Anyone any dealings with Blue Forces???

Discussion in 'Royal Signals' started by Silent, Mar 10, 2005.

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  1. My unit had a briefing today from the managing director of Blue forces a company that offers military personnel the option to buy a house and rent it out with them sorting all the management of the property etc.

    Has anyone bought a house with them???

    I am after your general feelings so far if you have.

    Many thanks
  2. DangerMouse

    DangerMouse Old-Salt Moderator

    Blue Forces was recommended to me by a colleague who bought, and arranged to let, his house through them.

    I am in the process of buying a buy-to-let apartment, and I have been thoroughly impressed at every stage. The initial application was easy and clearly explained, we discussed the various options, and once I’d made my decision the supporting staff work from the company has been flawless. I sent the final paperwork back to them to sort the mortgage out this morning. I'm immensely impressed at how easy and efficient the process has been; I would certainly recommend the company.

    (If you want to contact me to verify that I actually am an Army officer, and that I don’t work for the company, send me a private message!)
  3. Ok cheers for your advice. I think i am going to look into buying very soon. I like the sound of how easy the process seems. They seem a very genuine company for once.
  4. any chance of some info on them so i can look them up myself!

    sounds like a good idea!

    regards! mollzers!!!
  5. You have to send them in a form signed by your RAO, then they send you a password for their website The form is downloadable from their homepage.

    I enquired for information last year, and they were extremely helpful. They did become a little irritating, never off the phone etc when all i wanted was some info. All in all though their service seemed extremely professional.

  6. Cheers boney!!!!!!!
  7. What is Blue forces cut for the rent money per month ? Anything in excess of 10% of the rent would seem a bit much for my liking.

    What services are they offering for the cut they take as well ? 8)

    Do they arrange for tradesmen to fix any problems that may arise with the property, ie plumbers etc etc ?

    Have they also informed you of the potential tax you may have to pay on the rent ?

    Does the company arrange for new viewings and do they carry out what we call march outs ? Having experienced a civvy march out dont expect the same standards that are applied to us !!!! Mine was "are all the keys here" - answer yes " okay sign here and thank you" !!!!!!!

    And as always remember "Your home may be repossessed if you do not keep up repayments on your mortgage !!!!"

    PS Who implied that you were an officer DangerMouse ? 8O
  8. Right there has been a few people interested in this company so i will do my best to explain a little more.

    1. If you have No Deposit for a house then you are more than likely going to have to get a 100% mortgage which usually means crap interest rates and a capped mortgage of 3 times your salary as apposed to 4 times. So the way blue Forces gets around this is that they have a special deal with some property developers where by if you were to buy a house for say 150,000 they will give you the 10% deposit of 15,000. You then only get a mortgage for the remaining 135,000. (So in effect the property developer gets the 15,000 back on the sale of the house) but you then reap the rewards of getting a decent mortgage as if you had paid a 10% deposit.

    2. Blue forces deal with absolutely everything for you. They arrange all the legal side of the purchase and they even haggle to get you the best price for your home. They vett all properties and tennents and deal with all the march in etc. You do not do anything on the management side of things.

    3. if you were to buy a house for 150,000 then the monthly amount that you would pay for the first year would be roughly £344 providing you had tennents) In the second year this would drop to £296. the reason you pay more in the first year is that this money goes into a slush fund that is then used if there is a void in between tennents where no money is coming in. (This is 2 months rent).

    4. So basically for £344 year 1 and £296 year 2 onwards providing you have tennants this is all you will pay and everything else will be dealt for automatically for you. You will play no part in managing the house.

    I hope that explains it a little more. your best bet is to ring them on 01206 560200 and they will answer any questions you may have. Their website is being reconstructed at the moment as they are now going to list properties on the website.
  9. Silent

    The money you pay extra for the first year is sitting in Blue Forces accounts waiting for the second year in the event that there is a short fall in people renting your house ? This means that on average Blue Force have £600 from you and then times that by how many people they have on their books say for example a 10 - this equals £6000 which they will no doubt put into a high interest account. They then make money off your money. Why dont you just put the money into your own account and earn the money for yourself !!!

    Ref these costs what are they for ? Do they go towards the mortgage or into the pockets of Blue Force ? If this is to BF then wow !!! easy money. If it is for a mortgage then can you let me know coz I pay £600 for half this amount each month !!!

    Am not trying to shoot you down just to get facts straight. I have lots of lads with debt problems who I would not like to see entering into any sort of agreement without sound financial advice. Can you elaborate further please ?
  10. Yes the money does sit in the Blue forces account but they give you a full account statement and the equilvilent interest for your amount goes to yourself.

    Now Obviously you are paying some money towards the management side of things because they deal with everything to do with the rental of the house you do not get involved in any way what so ever.

    If you click on the link below its the sheet that you get given by them that shows an example of the finance breakdown for a 150,000 house so take a look. I am not an expert by any means all i had was their brief and a few people now that i have heard good stories from so please ring them first for finer details.

    Click here for Finance Example
  11. :D Fair dues silent. Will check out the website soonest. Promise not to harrangue further.

    Cheers :)
  12. Are their properties all over the country or in specific areas :?: :?:
  13. All over the country mate. You can even find somewhere yourself and use them.
  14. They have gone bust!