Mortgage Advice in Hull For Military Personnel
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. The Government has now made this an enduring policy.
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:
What is the Armed Forces Help to Buy scheme?
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.
Who can use the scheme?
You can access the Armed Forces Help to Buy scheme:
- If you have completed the prerequisite length of service
- If you have more than 6 months remaining of service at the application point
- If you meet the right medical categories
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.
How much can be borrowed under the scheme?
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.
How to get it?
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 mortgage advisors, who can provide expert help to buy mortgage advice 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.
Date Last Edited: 10/10/2023
