Can you get on the property ladder with Forces Help to Buy?
If you love where you live and would like to buy a home in the community, have you considered using Forces Help to Buy?
It’s a government scheme designed to help military personnel to get on the property ladder or move home because you or your partner are assigned elsewhere.
So how does it work, and could it help you?
What is the Forces Help to Buy scheme?
The Forces Help to Buy scheme enables servicemen and servicewomen to borrow up to 50% of their salary, up to a maximum of £25,000, interest-free to buy their first home, move to another property or extend their home. The scheme launched in 2014 and will run until the end of 2022.
The interest-free loan will normally be paid back over a period of up to 10 years so there’s no pressure to pay it back in the short-term.
I’m a first-time buyer: How much of a deposit will I need with Forces Help to Buy?
So how much of a deposit will you need? Well one of the great things about Forces Help to Buy is that you might be able to buy your first home without needing a deposit at all. And if you’re wondering how is that possible it’s because you can use the loan you borrow for other costs like legal fees as well as your deposit. So depending on the size of the loan you can borrow and how much your buying costs are, you might find you don’t need to put down any more cash up front.
Can I use Forces Help to Buy if I’m moving house?
Yes. It’s not just first time buyers who can use Forces Help to Buy. It’s designed to help those who need to move home because they’ve been assigned elsewhere.
Who can use the scheme?
According to the government all regular personnel who:
- Have completed the pre-requisite length of service
- Have more than 6 months left to serve at the time they apply
- Meet the right medical categories.
But the government says it’s recognised that there may be instances where exceptions to the standard rules may be justifiable, especially where there are extenuating medical and personal circumstances.
Is it linked to the Help to Buy Equity Loan scheme?
No. The Help to Buy Equity Loan Scheme is a separate scheme that’s available to first time buyers purchasing a new build property.
Buying through Forces Help to Buy: What’s my next step?
So, you’re interested in using the scheme? Then for your next move, speak to our expert team of mortgage advisers!
We have lots of experience with Forces Help to Buy mortgages so we’ll be able to answer your questions about the scheme and also give you an idea of your mortgage options.
When it comes to mortgages, we like to make it as easy as possible for you, so we’ll take care of the whole mortgage application process for you.
If you want to find out more about getting a mortgage with Forces Help to Buy, you can speak to one of our expert Forces Help to Buy mortgage advisers for a chat on 07808 645108 or click here to arrange a call back.