A TOTAL of 25 building societies have pledged to implement a mortgage policy that allows Armed Forces personnel who are posted overseas to rent out their homes without facing higher mortgage interest rates or a requirement to change their mortgage.

This announcement follows a meeting at No.10 Downing Street where Philip Dunne, Minister for Defence Procurement, challenged financial institutions to support Armed Forces Personnel.

Amongst the 25 are Yorkshire Building Society, and Darlington Building Society which have Catterick army base in their area.

James Ramsbotham, chairman of Darlington Building Society who served for 12 years with the Royal Green Jackets and is an Honorary Colonel for The Rifles in County Durham, said: “Darlington Building Society is committed to serving all of it members in a way that best suits their individual needs.

“There is no doubt that those serving our country in the Armed Forces are in a unique situation and we are pleased and proud to support this excellent initiative.”

Defence Secretary Michael Fallon said: “Looking after your home and your money can be more of a challenge when deployed on operations or serving abroad. This is a welcome first step to help our servicemen and women get a better mortgage deal.”

Sara Baade, Chief Executive of the Army Families Federation said: “What this recognises is that military families often have limited choice in where they are sent to live. They go overseas because the country needs them to. It will mean a lot to those that have bought their own homes to know that the challenges of service life are beginning to be understood by our building societies."