Government Help to Buy for the Armed Forces
If you are a member of the UK armed forces then you may be entitled to help when looking for a mortgage.
The scheme was launched in 2014 with an aim to help change the fact there was a low rate of home ownership across army, navy and airforce personnel. This has been extended until late 2022.
How Does This Help Me Get a Mortgage?
You could borrow up to 50% of your salary, interest-free to buy your first home. You may also use the scheme to “move to another property on assignment”
Getting onto the property ladder in the UK is becoming tougher year on year as house prices increase and deposits along with those increases. It’s one thing to be able to put down a decent deposit but it’s another to afford the monthly payments or vice versa.
Interest Free Loan – Great?
Whilst the loan is interest free, you still need to repay it. An extra monthly financial commitment may means a lender thinks you may not be able to pay back the mortgage as interest rates rise in the future.
What Banks Lend to the Armed Forces?
Most mainstream lenders accept applications using the Armed Forces scheme. We’ll help you weigh up the options and make a decision based on your personal circumstances and requirements.
Will I Be Able to Let Out My Home Under the Forces Help to Buy Scheme?
You can let out your Forces Help to Buy property once you have yourself lived in it.
Note: Being approved for FHTB is a great financial help, it is no guarantee that a mortgage provider will lend to you. You still have to meet their criteria.
