Two industry bodies are urging mortgage advisors to provide advice about buying a home to veterans and people serving in the armed forces free of charge.
This call has come from the Personal Finance Society (PFS) and the Society of Mortgage Professionals (SMP), both of which are Chartered Insurance Institute members. They have set up Forces MoneyPlan, which is intended to help ensure that both those still in the armed forces and retired veterans are protected against financial scams, while also helping them improve their financial statuses.
As part of this, they want advisors to offer free help to people in this position, having stated that the demand for advice about getting a mortgage has gone up sharply since the Forces MoneyPlan scheme was first launched.
At the moment, 206 advisors have agreed to provide their services at no cost, with all who sign up to it supplied with backing to help them deliver advice sessions to current and ex-members of the armed forces. They are also assigned people in the same locale that need their help.
Speaking to Mortgage Strategy, Mark Hutchinson from the PFS and SMP said:
“The unique nature of life in the armed forces means sadly some personnel find it a struggle to get on the property ladder for the first time or change their mortgage provider.”
The goodwill and publicity that an advisor with CeMAP training could earn from signing up to a scheme like this can prove to be beneficial to their reputation and business.