It’s great news for any military personnel! 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.
It was originally introduced way back in 2014, this £200 million scheme was brought in as a means of helping those in the military to get onto the property ladder. It was meant to go away in December of 2019, but thankfully it stuck around!
Eligible military personnel will be able to borrow a deposit that is up to half their annual salary (a maximum of £25,000), without any interest added on. This can either be used to purchase their first home as a first time buyer, or move into a new home.
The best part of using this scheme is that you won’t need to have any current savings in order to get a home. A portion of the money that is raised from the loan can be put towards either your deposit, or something else, such as:
This is amazing for forces personnel and even better yet, the majority of mortgage lenders will accept the loan as your deposit for a new home.
The Forces Help to Buy Scheme is a lot more laid back than other schemes, allowing you to pay back your loan over a period of 10 years. This means you don’t have to feel so rushed and can enjoy life in your new home.
Once before, you may not have thought you could ever own your own home. Times have changed though and so long as you have served your country and can meet the right criteria (length served, service term left and medical categories), you will meet the eligibility criteria for purchasing a home using this scheme.
Click here to read through further information on the Forces Help to Buy Scheme from the government.
Our fast & friendly mortgage advice team in York will support you from day one. From your first call, until completion and beyond, your dedicated mortgage advisor in York will be there to make sure you end up with the best deal for your circumstances.
As a company, we are proud of the levels of customer experience we provide, reducing stress levels and getting results. Book your free mortgage appointment and we will see how we are able to help you with your Forces Help to Buy mortgage.
Please note, the Forces Help to Buy is not the same as the standard UK Help to Buy scheme.