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Military Mortgages

Mortgage Squared was set up to offer advice with a deep understanding of military life, combined with expert knowledge of the mortgage industry - one of your own to help you, without having to visit every suit in a bank along the high street. Mortgage Squared are veteran owned and run. Their founder Simon has served for over 20 years between both the regular and reserve army. He is still currently serving as a reservist in the Rifles.

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With over 12 years of industry experience, Simon has worked as a financial advisor, an independent broker, and at one of the UK’s major banks as both a mortgage advisor and a banking manager.

The founder and his team can help you with any aspect of mortgages, including:

  • Armed forces mortgages.
  • First time buyer.
  • Remortgaging.
  • Moving home.
  • Buy to let mortgages.
  • Help-to-buy scheme.
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Armed Forces Mortgage FAQs

What is a military mortgage?

Military mortgages, army mortgages and mortgages for forces are essentially the same thing. They describe a mortgage that would suit any member of the MoD who is requiring help or support in purchasing a property.

What is the Forces Help to Buy scheme?

The Forces Help to Buy scheme is an interest-free advance of salary and is to be repaid over ten years.

You will be able to borrow up to 50% of your salary and any recruitment and retention pay (formerly Specialist Pay), up to a maximum of £25,000.

It’s available to regular personnel to buy their first home or move to a new location (more than 50 miles from their current property), although there may be some exceptions to this.

The current scheme is running until 31 December 2022.

Find out more at from gov.uk help to buy.

The FHTB scheme can also be used in conjunction with the Government Help to Buy Scheme.

How do I apply?

You can apply for the loan online through the JPA (Joint Personnel Administration) system, and can seek advice on their application through your chain of command and staff and personnel support detachment.

Mortgage Squared are able to provide you with a step by step guide to the JPA application on request.

If you are considering buying a home, you will also need to speak to a mortgage specialist.

Not all mortgage lenders will allow Forces Help to Buy, so going to your bank will likely get you nowhere.

Contact Mortgage Squared to discuss your options.

What help is there for MoD staff and soldiers to buy a property?

Members of the armed forces can often be penalised when it comes to borrowing, through no fault of their own, because they may move regularly or be stationed abroad for periods of time. This may then affect their credit rating.

Some mortgage lenders, therefore, will be less likely to accept an application when compared to other mainstream occupations.

Fortunately, there are various lenders out there who understand. They adopt an approach based in common sense, allowing for more flexible and unique underwriting criteria.

For example, these lenders are usually happy with differing income types or the fact that you may be stationed abroad.

Am I eligible for the FHTB scheme?

To be eligible for the Forces Help to Buy scheme, personnel must fulfil the following criteria:

  • Be in regular service.
  • Army and RAF personnel must have completed two years service from the date of enlistment and be on the trained strength (i.e. completed Phase 2 training).
  • Have at least six months left to serve at the time of application.
  • In the last twelve months, not have owned a property within 50 miles of the proposed house purchase (although there may be some exceptions to this)
When do I have to repay by?

The money must be paid back by the time you leave the forces or within 10 years, depending on which comes first.

It is possible to remortgage your property at a later date to repay the debt and many soldiers will repay the loan with part of their lump sum when finishing their service.

Read the DIN JSP 464 Volume 1 Part 1 Chapter 12 – Forces Help to Buy.

What’s special about armed forces mortgages?

The key factor to army mortgages is the lenders who offer specific criteria to accommodate specialist and often unique requirements.

For instance:

  • Allowing military personnel to rent out their property on a standard residential mortgage.
  • Allowing armed forces stationed abroad to purchase in the UK.
  • Allowing the property to go unoccupied for periods of time.
  • Allowing armed forces to purchase overseas.
How much can I borrow?

You can borrow up to 50% of your annual salary, to a maximum of £25,000.

This can be used towards a deposit and other costs, such as solicitors.
See our guide to the cost of buying a home.

You can also use the normal Help to Buy scheme, should you need the extra money.
See our help for first time buyers guide.

I’m in the army, can I buy abroad?

Yes, there are special mortgages for the armed forces overseas.

You can purchase property abroad and would do so through our partner’s international mortgage specialists who have years of experience arranging purchases for the army and other occupations all over the world.

We find that customers really value this expert service as Mortgage Squared are familiar with the unique processes and requirements that countries abroad often demand – an important service to avoid getting ripped off.

I have a poor credit rating, can I get a mortgage?

When you’re away fighting for Queen and country, mortgages and finance is the last thing you need to be concerned about.

Luckily, there are still lenders out there that consider applicants with adverse credit and consider each mortgage on a case by case basis, avoiding awkward and frustrating scenarios.

It really depends on how your credit file looks, how recent and severe the issues were, and how much deposit/equity you’ll have with your new mortgage.

Insurance for the armed forces?

You and your family need protecting, and life cover and serious illness cover are essential to ensure your mortgage is paid and family looked after financially should anything happen.

It’s important to get the proper advice when it comes to life insurance and critical illness cover, as many policies don’t cover the armed forces in the event of a claim leading from active service or will increase the premiums for certain military job roles.

Our partners are currently working closely with providers that will cover forces personnel so when you need to arrange protection then please contact us below to get tailored advice.