Morgage advice please

Discussion in 'Finance, Property, Law' started by faction, Jan 12, 2009.

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  1. Hello im looking to get my first property in the UK and im currently based in Germany. Any advice on what lender to go with or where to get a loan for a deposit will be much appreicated.

    i heard theres an army sceme through some company called blue army morgages or something which pay for 25% of the morgage and only ask for 25% of the sale price, is there any truth in this?
    and is it true the army give an 8k interest free loan?
     
  2. No idea about the Blue Army Mortgages thing, though there is the 8k intetrest free loan availiable. I'm sure there are quite strict rules about how an individual qualifies for the loan. Speak to the Pay Office in the first instance.

    The idea of taking a loan to pay the deposit isn't good for lots of reason, indeed any lender would think twice in the current climate about lending you money if you don't have the deposit up front. That is one of the reasons that the housing market went into a flat spin in the first place - borrowers being lent more than they can pay back - ie 100+% mortgages. Just make sure that you can pay back whatever you borrow confortably - even if there is s sudden hike in interest rates.

    Get a GOOD financial advisor. They can save you lots of heartache in the long run.

    Good luck. It's a pain in the tits and can quite emotional, but worth it in the end.
     
  3. Faction

    Depending on your personal circumstances and eligibility you could investigate the Long Service Pay Advance Scheme (the interest free loan of up to £8,500 you mention), the Government’s Key Workers and HomeBuyDirect Schemes – all aimed at helping first time buyers onto the housing ladder.

    It sounds like you need to get some mortgage advice and quotes. Forces Financial offer a complete mortgage service for first time buyers, remortgages, buy to let and overseas properties.

    Our experienced mortgage advisors will search a panel of lenders to find you the mortgage that is right for you. Our services are free and we offer independent advice. If you would like some help call us on +44 (0)870 837 5724 or visit www.forcesfinancial.com


    Forces Financial is a trading name of Harmans Ltd. Registered Office: Globe House, 24 Turret Lane, Ipswich, Suffolk IP4 1DL. Registered in England Number 04229567. Harmans Ltd is authorised and regulated by the Financial Services Authority. Registration Number. 221363
     
  4. msr

    msr LE

  5. Just wondered how a company can be independent if it only recommends mortgages from a panel of lenders?
     
  6. Thanks for pointing this out Billywhizzuk. We’re pleased to correct this point because we do in fact search the whole of market (not just a panel) for our clients in order to offer an independent service.


    Forces Financial is a trading name of Harmans Ltd. Registered Office: Globe House, 24 Turret Lane, Ipswich, Suffolk IP4 1DL. Registered in England Number 04229567. Harmans Ltd is authorised and regulated by the Financial Services Authority. Registration Number. 221363