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Forces Help to Buy Scheme Has Been Extended

Good news for military personnel, according to Army Families Federation Defence Secretary, Ben Wallace. There has been an extension on the current Help to Buy scheme that was designed to help military personnel get onto the property ladder.

Originally introduced back in 2014, this £200 million scheme was intended to offer a boost to anyone from the forces who needed help buying a home. Though it was meant to end in December 2019, to thank them for their commitment to their service and dedication to this country, the government has extended this until the end of 2022.

How does this help to buy work?  

People who have served in the military have access to borrow a deposit of up to half their annual salary (a maximum of £25,000), without any interest applied. This can be used to either purchase their first home, move into a new home, or remortgage for any home improvements, such as conservatories or extensions.

The best part is that you don’t need any current savings to get yourself onto the property ladder. Some of the money raised from the loan you’ll receive via the scheme can be used to put towards your deposit or other costs, such as: 

  • Stamp duty 
  • Estate agent fees 
  • Solicitors fees 

In fantastic news for forces personnel, the majority of lender will accept the loan towards the deposit for a new home. More relaxed than some other schemes, the Forces Help to Buy loan can be paid back over a period of 10 years, so you don’t have to feel as rushed.

Whether you thought you had a chance or not, if you have served your country, you are eligible to purchase your home using this scheme.

Click here to read through further details from the Government.

How a mortgage advisor in Manchester may be able to help

Our experienced mortgage advice team in Manchester has your back from day one. Right from the beginning of your process when you call up, right through until competition and beyond, your dedicated advisor will make sure you are taken care of, ensuring that you end up with the most appropriate result for your individual circumstances.

As a company that prides itself on a fast and friendly customer experience that is stress-free, contact us today and see how we might be able to help you achieve your home owning dreams. 

Please note, the Forces Help to Buy is not the same as the standard UK Help to Buy scheme.

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