The Forces Help to Buy scheme was introduced in 2014 off the back of the Help to Buy Equity Loan scheme. The scheme undertook a 3 year pilot to determine whether or not it would be worth keeping in place. These first 3 years were successful, so the Government extended the deadline/review date to December 2022.
The scheme was introduced to help regular armed forces personnel get onto the property ladder. If you fit within the criteria of the scheme, it could be a great mortgage option for you to consider.
Here’s an insight from Malcolm who is an experienced Mortgage Advisor in Hull and the actual “moneyman” himself:
The Forces Help to Buy scheme enables servicemen and servicewomen to borrow up to 50% percentage of their salary, interest-free, to buy their first home or move to another property on assignment or as their families need change. The scheme aims to address the low rate of homeownership in the armed forces.
You can access the Armed Forces Help to Buy scheme:
As a Mortgage Broker in Hull, we are aware that there may be some circumstances where you will have to make some exceptions to these rules. Medical matters and personal circumstances should always be taken into consideration.
The Armed Forces Help to Buy scheme allows you to borrow up to 50% of your annual salary, this is capped at £25,000. This sum will ususally make up the majority of your depsoit, however, you can also put it towards other costs such as solicitor and estate agent fees.
To apply for the Armed Forces Help to Buy scheme, you will need to use the Joint Personnel Administration system and there you can seek advice on your application through your Chain of Command and personnel agency.
If you are considering buying a home in Hull, feel free to check out our free, helpful mortgage guides. These guides could help you understand the home buying process and how things work.
You can also speak to one of our Help to Buy Mortgage Advisors in Hull if you want the process explained to you by a professional, it’s completely up to you! We hope to hear from you soon.