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Good news for military personnel, from 1 January 2023, The Forces Help to Buy Scheme has become an enduring policy, ensuring its availability to all service personnel now and in the future.
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.
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 or to move into a new family home.
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:
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 and can meet the right criteria (length served, service term left and medical categories), you will be eligible to purchase your home using this scheme.
You can find further scheme details on the Government Forces Help to Buy website.
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 completion 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.
Date Last Edited: February 14, 2024
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Authorised and Regulated by the Financial Conduct Authority.
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Manchestermoneyman.com & Manchestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Manchester, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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