News | Legal News

06 July 2016

Veterans voice mortgage concerns

Many Armed Forces veterans are finding that their service is hampering their chances of getting a mortgage, new research suggests. 

Over one in 10 (11%) of those surveyed say they think their military service has a negative impact on their eligibility for some financial services.  Many of them say they believe it has made it harder for them to secure or switch a mortgage.  

Almost as many, meanwhile, say getting a mortgage on a house was their biggest worry when they left the forces for life on so-called 'civvy street'. 

The Barclays Armed Forces Transition Employment and Resettlement (AFTER) programme has carried out the survey of over 500 veterans who now have other jobs. 

Over half (55%) say they worried about money while serving in the military. And a fifth say it was difficult to access financial services. 

Ashok Vaswani is Barclays UK's chief executive officer. He says financial service providers should be ensuring that current and former servicemen and women are not penalised when they apply for mortgages or bank accounts. 

The AFTER scheme was established in 2010 to help former and current military personnel with everything from finding employment to managing their money.

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