Forces Help to Buy Scheme – Helping Armed Forces
Forces Help to Buy Mortgage Advice By Hullmoneyman.com Mortgage Advisors in Hull & Surrounding Areas
This is a scheme to help armed forces personnel get on the property ladder……
What is the scheme?
Regular armed forces personnel can benefit from a multi-million scheme to help them get on the property ladder. The Forces Help to Buy scheme enables servicemen and servicewomen to borrow up to a percentage of their salary, interest-free, to buy their first home or move to another property on assignment or as their families needs change. The scheme aims to address the low rate of home ownership in the armed forces. However, this isn’t about forcing people out of service accommodation. That option will still be there for armed forces personnel who want to continue to use it.
Who can use the scheme?
All regular personnel who qualify will be able to use the scheme, please check the force’s website to check the latest criteria.
How much can be borrowed under the scheme?
This scheme allows service personnel to borrow up to a percentage of their annual salary, with a maximum cap applied. This can be used towards a deposit and other costs such as solicitor’s, and an estate agent’s fees.
How to get it?
Servicemen and servicewomen can apply for the loan online through the Joint Personnel Administration system and can seek advice on their application through their Chain of Command and personnel agency. If you are considering buying a home, but have not done so before, you may wish to read some general information on how to buy one and understand better how the process works.
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