COVENANT
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, Defence Secretary Michael Fallon and the British Bankers’ Association (BBA) have announced.
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 came ahead of an Armed Forces Covenant roundtable meeting of banking
chiefs and Ministers at No10 Downing Street, which took place in January where arange of further measures to help Service personnel and their families was discussed.
Where alender does not already permit, members of Armed Forces who rent out their homes during deployment will be allowed to keep their existing mortgage and not change to abuy-to-let mortgage. This will avoid any potential increased rate of interest or charges, saving them money and time.
Barclays, HSBC, Lloyds Banking Group, Santander UK, Royal Bank of Scotland and Nationwide –the UK’s biggest building society –will all offer the support.
Defence SecretaryMichael Fallon said: “Looking after your home and your money can be more of achallenge when deployed on operations or Serving abroad. This is awelcome first step from the major banks and financial institutions to help our servicemen and women get abetter mortgage deal. I
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Spring 2016
www.raf-ff.org.uk
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