In this article we will be looking at the implications of leaving the forces if you have taken out an armed force help to buy loan and how St Barts Finance could help you.
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 carful 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 of your personal circumstances, in this example we will explain how re mortgaging could help you. It can be achieved in the form of re mortgaging your home, this is reliant on their 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 re mortgaging. So in essence you
could re mortgage your existing mortgage by using a qualified advisor from St Barts Finance and borrow £158k. £150 would pay your existing mortgage lender back and the £8k could be used to repay your armed forces help to buy scheme. These figures are just a guide and everyone
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. You can book an appointment online or over the phone and schedule a time to meet with a qualified mortgage advisor for your initial consultation and to discuss your individual circumstances.
REQUEST A CALLBACK
Your information will not be stored for marketing purposes and we will only contact you about the information you have provided above. The internet is not a secure medium and the privacy of your data cannot be guaranteed.
Your home may be repossessed if you do not keep up repayments on your mortgage.