The Melton Building Society pledges support for armed forces personnel

Mortgage news EMN-160216-103112001

Mortgage news EMN-160216-103112001

0
Have your say

Mortgage news PHOTO: Supplied

Personnel are often posted overseas for long periods at short notice which can lead to penalties on their financial products such as mortgages.

But now a move led by the Building Societies Association means those who rent out their homes during deployment can keep their existing mortgage and not have to change to a buy-to-let mortgage - saving them money and time.

Army Families Federation chief executive Sara Baade said: “Military families often have limited choice in where they’re sent to live. They go overseas because the country needs them to. It will mean a lot to those who’ve bought their own homes that our building societies are beginning to understand the challenges of service life.”