If you are in the armed forces, the government has put in a number of measures to help you to buy a home in the UK.
There are a number of initiatives and our specialist HM Forces mortgage advisers will be able to advise you not only on how you can benefit from the different schemes, but also how you can combine them, reducing both the size of your mortgage and the amount of any deposit you need.
These different schemes include the Forces Help to Buy scheme. To be eligible you must have two years’ service with six months still to serve and must not have bought a house in the last 12 months within a 50 mile radius of where you want to buy.
To take advantage of the HM Forces Help to Buy scheme you need to move quickly as it is currently planned to only run until April 2017.
The Forces Help to Buy scheme is an interest-free loan granted to you by HM Forces to help you buy your own home. It is aimed to help more service personnel to get on the housing ladder, so if you are currently serving it will allow you to borrow up to 50% of your annual salary, to a maximum of £25,000. This can be used towards a deposit and other costs such as solicitor’s and estate agent’s fees.
You can take ten years to repay this, usually paid back at 10% of the capital owed per year, so if you have borrowed £25,000 you will need to pay back £2,500 a year interest free.
While this is aimed purely at serving military personnel, you can also take advantage of other generic government schemes at the same time, including the Help to Buy ISA where you can save up to £12,000 over four years and the government will add 25% or up to £3,000 to your savings.
To find out if you are eligible for these schemes talk to one of our specialist HM Forces mortgage experts to see how they can help you.
Note: the previous Help to Buy Equity Loan scheme has closed in October 2022
There may be a fee for mortgage advice, the precise amount will depend on your circumstances but we estimate that it will be £299. We do not charge a fee for our services for New Build Homes; we receive commission from the provider.