Mortgage Lenders special deals for services?

#1
Hi Anybody out there know if any UK mortgage lender who gives special deals to HM Forces personnel so we do not have to get a buy to let mortgage despite the fact that we will not be living in the place as we can't (cos we are overseas derr!) I heard that maybe the Halifax does...... anyone with specific experience and/or contact numbers, please let me know.
 
#2
surrenderedwife said:
Hi Anybody out there know if any UK mortgage lender who gives special deals to HM Forces personnel so we do not have to get a buy to let mortgage despite the fact that we will not be living in the place as we can't (cos we are overseas derr!) I heard that maybe the Halifax does...... anyone with specific experience and/or contact numbers, please let me know.
Don't tell the company that you are "buying to let"; tell them that you are in the Forces and are buying somewhere to live for your next posting or for when you leave in due course.

After completion, tell them that your circumstances have changed and that you will now have to let the property. They will charge you for the pleasure, but you will have read the documentation and will know about that :D! Always use the "I am in the Forces and this is my only house" line if they try to make life difficult. Stick with the big lenders and do not go anywhere near the small ones; the big 'uns understand the military.

Please research the market very carefully and ensure that you understand the tax implications and the hassles. I thought I had done the research and was badly caught out!

Do your calculations very carefully though; now is not the time to be rushing to buy, IMHO.

Litotes
 
#3
surrenderedwife said:
Hi Anybody out there know if any UK mortgage lender who gives special deals to HM Forces personnel so we do not have to get a buy to let mortgage despite the fact that we will not be living in the place as we can't (cos we are overseas derr!) I heard that maybe the Halifax does...... anyone with specific experience and/or contact numbers, please let me know.
SW,

Just because you are no living in a property does not mean you have to obtain a buy to let mortgage. You could, certainly when I did it, buy, as long as it is your main residence, a property using a conventional mortgage.

In addition, not a mortgage lender but try Forces Housing - 0870 428 7884, or look at their website http://www.forceshousing.com/ - they might be of some use.
 
#4
In my experience a lot of "Special Forces Rates" are more costly than other options - Kit insurance is a prime example - don't go for a deal just because it is advertised as a special forces rate, make sure you shop aroud properly before making any commitment.

PW
 
#5
Alliance and Leicester have always been very good to me and seem to understand the way HM Forces work.
 
#6
I Agree with paywog's post.

We have recently had a presentation with Forces Finance (was NAAFI Finance)and they do mortgages now. Even though I never really trusted them in the past it sounded ok and maybe worth a quote with them as they work hand in hand with the MOD. If I recall correctly they said no charges for there work, all the financial details that you get from the MOD is organised without chage aswell and they know everything you can claim and get. It might be worth a quote and get more details if its not costing anything. If its good let us know please.
 
#7
Try BFG mortgages. Based in JHQ, run by Nigel Garside who is a broker who arranges mortgages for Forces 02161 557375. He remortgaged my house in the UK for me on a normal residential mortgage with the Halifax, then got them to issue 'consent to lease'.
 
#8
Couple of things to note :idea: :

Firstly, ForcesFinancial work from a panel of lenders, not whole of market. This means that they can only offer deals from typically around 20-30 lenders (there are almost 200 in the UK). This means, obviously, that they are not independent.

Secondly, I can't see anywhere on BFG's website about them being regulated by the Financial Services Authority (FSA). This shouldn't create any problems if everything goes okay, but if it doesn't, it could be a bit like buying a package holiday from a travel agent that's not bonded with ABTA. Your choice though. :?
 
#9
BillyWhizzUk

Thought you would be reassured to know that your information on the mortgage service we provide is not accurate:

1. We do not charge HM Forces or MoD personnel for mortgage advice
2. We are completely independent, so yes mortgages from any of those 200 and more lenders are available to you
3. We are authorised and regulated by the FSA

For further information call us on:

0870 837 5724
free from the UK and Germany
+44 1782 793 470
from rest of the world

Or click onto the website using the link above and request a call back from one of our advisors.

We can also help you with mortgages on overseas properties.

Forces Financial is a trading name of Stuart Harvey Insurance Brokers Limited who is authorised and regulated by the Financial Services Authority. Registration number 301858. Registered Office: Globe House, 24 Turret Lane, Ipswich, Suffolk, IP4 1DL
 
#10
Forces_Financial said:
1. We do not charge HM Forces or MoD personnel for mortgage advice
..............but do presumably take a commission from the mortgage provider once the serviceman has taken your advice - or do you share this commission with your client?
 
#11
Your website says "Mortgages are available from a panel of UK lenders", which indicates that forcesfinancial is a multi-tied adviser as opposed to independent.

My comments regarding fees and FSA authoriastion were directed at BFG.
 
#12
Most advisers do down the commission route. Financial advisers have to make a living somehow! That being said, as an IFA practice we offer clients fees only, commission only, or fees offset by commission. The vast majority go for commission only! Independent advisers are required to offer clients a choice, whereas non Independents don't. The lenders don't differentiate their deals wether they are paying commission or not.
 
#13
For what it is worth, I have a First Time Buyers Mortgage with the Abbey, I declared that I would be letting the property once I had bought it, they eefectively gave me a buy to let mortgage at a first time buyers rate (95% mortgage, first time buyers interest rate etc). They even changed the mortgage agreement to reflect that the property would be let out. It might not have been the most competitive of rates (it still wasn't bad though)., however, I did get excellent service and piece of mind throughout the process.
 
#14
Update to the comments below: Please note that BFG are also regulated by the FSA and I understand will be updating their website to show this shortly. Jolly good. :wink:

billywhizzuk said:
Couple of things to note :idea: :

Firstly, ForcesFinancial work from a panel of lenders, not whole of market. This means that they can only offer deals from typically around 20-30 lenders (there are almost 200 in the UK). This means, obviously, that they are not independent.

Secondly, I can't see anywhere on BFG's website about them being regulated by the Financial Services Authority (FSA). This shouldn't create any problems if everything goes okay, but if it doesn't, it could be a bit like buying a package holiday from a travel agent that's not bonded with ABTA. Your choice though. :?
 
#15
I got a mortgage last year on my property through an independent advisor. Everytime he called somewhere his first question was "do you lend to the forces" most places he spoke to couldnt care less what i did as long as i was employed (not self employed) and could prove my salary. It cost me £300 for something in hind sight i could have done on the high street or the net.

My mortgage is with Nationwide as a repayment mortgage. I called them after a couple of months to say i was intending to let and they said no problem. Sent me a letter to say it was ok, no fee and no hassle. Even got a good deal on my building/contents insurance.


paywog said:
In my experience a lot of "Special Forces Rates" are more costly than other options - Kit insurance is a prime example - don't go for a deal just because it is advertised as a special forces rate, make sure you shop aroud properly before making any commitment.

PW
I have to agree with paywog, no matter how good it looks if it says for squaddies it will proberly cost a fair wack more as there are loads of us out there who stupid enough to trust them.
 
#16
PM me.....
 
#17
I don't know for sure about special military deals, but I do know of the site that helped me with my buy to let mortgage. They are so good at what they do they are number one on google for buy to let. So, I checked them out and eventually signed a deal with them. Best deal I ever made, I saved my own life in the process. Ask them if they have any military deals, but I'm not in the service, so I couldn't say for sure. Check them out though, they gave me a great deal

Pete
http://www.buy-to-let-centre.co.uk
 

samm1551

Old-Salt
Book Reviewer
#18
Our problem is not so much which mortgage company to go with, it's getting back to UK to sort it. We're being posted to Cyprus at the same time, if not a little before and because of the ID requirements and such like now I have a nasty feeling it's going to take a while to sort. Tempted to help a friend out and sell and buy up north.
 
#19
lochie99 said:
I got a mortgage last year on my property through an independent advisor. Everytime he called somewhere his first question was "do you lend to the forces" most places he spoke to couldnt care less what i did as long as i was employed (not self employed) and could prove my salary. It cost me ?300 for something in hind sight i could have done on the high street or the net.quote]

A few comments if I may:

1. Any IFA or IMA will know that virtually all lenders wil lend to forces, so it shounds like you've misunderstood.

2. IFAs and IMAs always use specialist software for sourcing mortgages and any other financial product - so unless this was a special/unusual case then calls to vast numbers of lenders are not usually required.

3. You could have done this on the net. DIY dentistry is also possible. Professional advisers do not use comparison websites for very good reasons - they tell you only a small part of the story and are rarely independent.

4. There are a limited number of BTL lenders on the High Street and a number of BTL lenders who are only available via IFAs/IMAs. By shopping directly this way, not only are you restricting yourself, but you are dealing with sales people who can only recommend their own products, but are incentivized to sell them. They are also responsible for the vast majority of complaints received by the Ombudsman.

I fail to see why, because you happen to know the lender, you feel the money paid to for an IFA/IMA to advise, source, administer and manage your mortgage process, was wasted.

Peteisonline clearly works for the website he mentioned.

Please remember that BL mortgages are not regulated by the FSA.
 

Similar threads

Latest Threads

Top