Forces Help to Buy Scheme Explained

Mortgage Advice in Nottingham for Military Personnel

Forces Help to Buy Scheme | MoneymanTV

From 1 January 2023, The Forces Help to Buy Scheme will become an enduring policy, ensuring its availability to all service personnel now and in the future. The scheme’s aim is to assist regular armed forces personnel get themselves onto the property ladder. If you are struggling to get the ball rolling with your mortgage application, this scheme could be for you.

What is the scheme?

The Forces Help to Buy scheme allows servicemen and servicewomen to borrow up to 50% of their salary, interest-free, to buy their first home or move to another property on assignment or as their family need a change. There is a low rate of homeownership amongst the armed forces, this scheme was brought forward to try and help this rate rise.

Please click here to the Government site for more information.

Who can access the scheme?

Here are the requirements for accessing the Help to Buy scheme:

  • You have to have completed the prerequisite length of service
  • You must have more than 6 months remaining of service at the application point
  • you must meet the right medical categories

As an experienced Mortgage Broker in Nottingham, we have come across scenarios where the applicant hasn’t met the required categories yet has still accessed the scheme. This does sometimes happen and medical factors or personal circumstances may come into play.

What is the maximum amount that can be borrowed?

You can borrow up to 50% of your annual salary, however, this total is capped at £25,000. As a Mortgage Broker in Nottingham, we usually see that this amount will be put towards the deposit. You can use this sum for other things though, we’ve seen applicants use it to cover estate agency and solicitor fees.

How can I apply?

In order to apply for the Armed Forces Help to Buy scheme, you’ll need to use the Joint Personnel Administration system. Once you have found your way there you can seek advice on your application through your Chain of Command and personnel agency.

If you are looking to purchase a home through a different method, you can always take a look at other Help to Buy Mortgage schemes available or you could take the traditional mortgage route, it’s completely up to you!

If you are unsure about what you are after and what is available, you should take advantage of our free mortgage consultation. Get in touch with your Help to Buy Mortgage Advisor in Nottingham.

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