Leaving the Forces When You Have Armed Forces Help to Buy
Firstly, we would say this is not uncommon a lot can change in life within 10 years and there are many reasons you may want to leave the armed forces at this time.
It can be a rather daunting experience without the added pressure of repaying your help to buy armed forces loan. In this post
we will show you just one of the ways we could help you repay your armed forces help to buy loan.
You cannot leave the armed forces and retain your armed forces help to buy loan, but there are ways with careful planning that St Barts Finance could help you raise the funds to repay this scheme prior to you leaving the forces.
How does this work?
There are several ways this can be done dependent on your personal circumstances, in this example we will explain how remortgaging could help you.
It can be achieved in the form of remortgaging your home, this is reliant on there being enough equity in your home to do this. House is valued at £200k you have a mortgage of £150,000 and an armed forces loan with a balance of £8,000 remaining.
Mortgage lenders will want you to keep a minimum of 5% equity in your property, but the majority want you to have a minimum of 10% when remortgaging. So in essence you could remortgage your existing mortgage by using a qualified advisor from St Barts Finance and borrow £158k.
This is just one way that St Barts Finance can help you get the funds to repay your armed forces help to buy loan. There could be other ways including secured loans further advances or potentially downsizing. St Barts Finance will take the time to understand your needs and recommend a suitable solution for you.