Strong ties with the armed forces have led property lettings specialist, Belvoir, to step into an investment controversy that is leaving British service personnel up to £1.5 million out of pocket.
The troops, including some currently serving in Afghanistan, have lost average deposits of £4,000 each following the collapse of Blue Force Property and Blue Force Services.
The companies – set up to help forces personnel to buy homes – are now in liquidation “and the losses could be heavier than most service people can afford to take,” says Dorian Gonsalves, managing director at Belvoir.
The fully accredited high street property management specialist, which has over 140 offices throughout the UK, has strong links with the armed forces – their chairman is a former RAF Wing Commander.
“Mike Goddard, who founded Belvoir, served 17 years in the Royal Air Force,” said Mr Gonsalves, “and a number of our franchisees are ex-servicemen so we obviously feel very strongly about this issue. That’s why we are offering expert advice and practical help to any service personnel affected by the Blue Force collapses.
“Helping troops to get buy-to-let mortgages, and then funding their investment by renting out while they are serving overseas, was seen as a great opportunity to get them on the property ladder.
“The position they now find themselves in would be unacceptable for most property investors but, for British service personnel who are risking their lives in the service of this country, it is a harsh blow. No wonder many of them feel badly let down.
“To ignore their predicament would not be in keeping with the way Belvoir does business. We are very focussed on the people we do business with and this situation is no different. We have a duty to help.”
