Getting a mortgage whilst living on base

[jen007]

Hiya folks,


Sorry for this being my first post!


Well my boyfriend is looking to buy our first house. I have a poor credit background, so have agreed that he would apply and I would be named in the deeds.

The thing we're currently finding hard is he technically has no fixed address.

He lives on a Naval base at accomodation cabins which have no post boxes. His mail is sent c/o the bases mail office but we recently changed this so that bank correspondence is sent to my address.

He is on the electoral role at an address located at the base, but has had 3 different base addresses (one in Scotland, two in England) in the past 4/5 years. He's never actually lived in his own accomodation for this time.

He's applied to his own bank LLoyds - he did get a mortgage in principal of just over £100,000 back in December, however this has disappeared off the system now that we actually have found a property - and to HBoS -Who offered us 65% loan, 35% deposit. We suspect this is due to the fact he is not a customer there-

We have a 20% - 25% deposit. His credit rating is above average (although he has no overdraft, credit cards ect) and his income and outgoings are very reasonable. The only thing that seems to be affecting things is the fact he has no fixed address to actually finalise a mortgage.
We're first time buyers also.

Any other Navy folk out there know how to get round not having a 'proper' address and applying for credit?

 

[Guns]

I got around this very problem. I had so many previous addresses etc. I went in to the Building Society I was going to use (The Vernon, a local one in Stockport) and spoke to the mortgage person. Took all my pay statements, P60s, copy of the AFPRB latest pay scales to show what I would be earning and a letter from the UPO confirming my employment (there used to be a standard format in days of old). Explained everything to them and it was fine.

 

[jen007]

I think the problem is that he has no home address, the base is his home address.
They believe he works at the navy, just it's hard to prove he lives on base. And if i'm thinking correct, banks use previous addresses to check your credit, and you can't do that with a general navy mail office/boat address.
I hope that makes sense!

 

[soleil]

When the NAAFI sold off its finance arm some years ago, it went to a company called R3 which later sold it on and it morphed into a company called Forces Financial. I wonder whether it is worth running this by them?

Mortgages for the Armed Forces | Military Mortgages | Army Mortgages

Branches:

Forces Financial Branches, UK, Germany & Cyprus details.

 

[Waspie]

You need proper financial advice from your bank or independent advisor. Explain to them the circumstances, stand back and let them do their magic. It is after all what they get paid to sort out.

All we can do is pass on our own experiences which are probably well out of date in todays financial climate.

 

[witsend]

Ahhhhh bliss, when all you needed was a pulse for a mortgage or a loan. My wages used to go in and clear my overdraft. I was renting when I bought my first house and if I remember correctly, all they were interested in was my last 3 pay slips.

A solution could be for him to register himself back living with his parents. Have all correspondence sent there and he should have no problems.

 

[witsend]

I know quite a few lads/lasses who have bought houses, recently, direct from living on base without any problems - perhaps he doesn't really want to buy the house and is spinning you a line :wink:

Perhaps he already has a mortgage and is maxed out. The secret family and all that. Or the CSA have their claws in.

 

[Rigsby]

Hi Jen,

The answer to the question is an .......... 'Independent Mortgage Adviser'

There is no substitute for professional advice

It will cost you no matter who arranges it but the only one liable for the advice given to you will be an authorised Mortgage Advisor.

ask/look around where you live or google one - remember to look for an independent advisor though

hope this helps or PM me if you wish - and no i am not an advisor but someone who checks the advice that they give

 

[Naval_Families_Federation]

Good morning jen007.

Can I suggest contacting the JSHAO (Joint Service Housing Advice Office). JSHAO is a tri- Service organisation which provides Service personnel and their families with information and advice on the range of civilian housing options open to them. They should be able to advise with your question about securing a mortgage. Their telephone number is: 01980 618925.

Kind regards,
The NFF Team