mortgages

Discussion in 'Finance, Property, Law' started by sigschick, Aug 29, 2006.

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  1. Hi all, im looking at doing the whole property ladder thing so will be requiring a mortgage. Does anyone know of any special deals offered to the forces? :?:
     
  2. DPM

    DPM Old-Salt

    For what it's worth, Halifax have been unbelievably flexible with me when buying, selling, moving and signing up tenants, all on the basis of being Army.

    Will you qualify for that forces loan for your deposit? Can't remember what it is called now.

    dpm
     
  3. See an IFA.
     
  4. Halifax have been excellent with me for nearly 20 years due to my being military. Still a bunch of money grabbing cnuts all the same...

    There was a seminar conducted on camp about 3 years ago. A new agency had formed (Blue.... something) who could arrange the purchase of a property, find a suitable mortgage, set up banking payments etc (in fact the full cherbang) and I think, find a tenant for you. All while you were away on Ops and all this for a small one off fee I believe (£99?) Seemed an excellent deal to me except I'm very wary of excellent deals being offered to dumb-ass squaddies like me!

    Speak to your paymaster, he/she will know what I'm talking about even if I don't!

    Forces loan thing? I think it's about £8k (interest free?) providing it's your first mortgage or somehting. See, I'm full of 'not too sure' info but at least it'll give you something to throw at the pay dude....

    Whatever, regardless of what I tell 'em, there's young lads here financing sports cars, noooooooo! Get on the ladder...TODAY...
     
  5. [
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    But beware of bullsh1tters who are ex mil and talk the talk....
     
  6. You don't need to see an IFA for a mortgage. In fact you could end up paying more throughs IFA fees if you do.

    Naafi may have information about forces friendly mortgages but otherwise there are plenty of independent mortgage comparison services online to give you a feel for the sort of deals on offer. Try Moneyfacts for starters and do come back with any questions. Bear in mind that there are lots of products and offers aimed at first-time buyers now - most lenders want to help. But watch out for 100% deals if you have no deposit - happy to provide more info if you need it.

    FS
     
  7. I am currently going through the process with the Woolwich who claim to understand the needs of the forces, but in reallity are a bunch of naught people. I will be changing as soon as I can
     
  8. Porridge_gun

    Porridge_gun LE Good Egg (charities)

    You could PM me, I could put you in touch with a talented, unbiased broker who is more than familiar with the pit falls of the finance world for a serving soldier.
     
  9. Rubbish.

    An IFA will have access to the whole mortgage market, and may even have deals that are IFA-only. The VAST majority of IFAs get paid via a procuration fee from the lender, NOT by fees.

    If they source an uncompetitive deal they risk losing the business. So, they tend to get the best deal for your circumstances.

    See an IFA. ( and no. I am not an IFA. )
     
  10. Sigschick, there's plenty of FREE research to be done very easily before anyone needs to be paid for doing the research for you (whatever the method)..... I am not against IFAs or independence - quite the opposite - but there is plenty of research you should and could do if you are willing to put the time in and avoid getting ripped off. You do not NEED an IFA to get the best deal on a mortgage. Take your time, do your homework, be informed, ask questions and get independent professional brokerage IF you need it, once you know what's on offer.
     
  11. Porridge_gun

    Porridge_gun LE Good Egg (charities)

    Bravo, I agree with much of what you say, but there are still many IFAs out there who will tend to steer you towards a prodct that pays the highest Proc fee.

    Most will also work for a packager, the pie splits further and only one person is going to pay that back

    Some will work just for a Proc fee most charge around 1% of the loan amount.

    The amount of people the get a mortgage with the bank that they have banked with since they were teenagers is crazy, just taking whats offered to them by one lender.
     
  12. Just my tuppence worth:

    I do have an IFA who has guided not just me but most of my mates for over 15 years now, he doesn't charge and he also doesn't have an office within an estate agents.
    I thought I had sourced the bargain of the century for my re-mortgage, only for him to undercut it on the first search of his laptop, the product he found was with the same lender and the same product code etc but loads cheaper (as IFA's tend to get better deals than high street lenders/advisors)

    As with all things involving money, shop around :)

    BTW
    LSAP is only tax free up to £5000.

    Have a look in the Forces Discount Brochure (or the online version) there maybe some info in there for you.

    Have you thought about an ex quarter? Annington homes do have preferential rates for forces I am led to believe.

    Hope this helps.

    BM