Monday, 18 January 2016

Banks offer better deal on mortgages for Armed Forces personnel


Armed Forces personnel posted overseas will be able to rent out their homes without facing higher mortgage costs or having to change their mortgage.

The commitment from the UK’s biggest high street banks will benefit almost 265,000 people in the UK and abroad, including Forces families. The move comes ahead of an Armed Forces Covenant roundtable meeting of banking chiefs and Ministers at No.10 Downing Street yesterday (Thursday 14 January) where a range of further measures to help service personnel and their familes will be discussed.

Currently, members of Armed Forces who rent out their homes during deployment have to change their residential mortgage to a buy-to-let mortgage, often incurring new product charges and an increased rate of interest. Under the new agreement they will no longer have to change their mortgage product, saving them time and money.

Barclays, HSBC, Lloyds Banking Group, Santander UK, Royal Bank of Scotland and Nationwide - the UK’s biggest building society – will all offer the support.

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