Forces Help To Buy – The scheme to help armed forces personnel get on the property ladder.
The Forces Help to Buy Scheme is aimed at supporting first-time buyers and those who have to move home because they are assigned elsewhere.
Regular service personnel will be able to borrow 50% of their salary up to a maximum of £25,000.
This loan is interest free and is repayable over 10 years. The monies can be used towards a deposit and other costs such as solicitor’s and estate agent’s fees. The loan, however cannot be used for the purchase of a second home or a buy to let property.
- Borrow up to 50% of your salary (max £25,000)
- Repayable over 10 years
To apply you must:
- Be in regular service
- Have served for at least 1 year
- Have at least 6 months left to serve at the time of application
- In the last 12 months have not owned a property within 50 miles of the proposed purchase (exceptions will apply)
Tip: This can be used in conjunction with the Government Help To Buy Scheme
Government Help to Buy Scheme
You don’t have to be a first-time buyer.
There is no limit on your level of income.
You can not use Help to Buy with any other publicly funded mortgage scheme, or an interest-only mortgage.
- 5% deposit of the purchase price
- Max purchase price of £600,000
To qualify, the home you want to buy must not be:
- Shared ownership or shared equity purchase
- A second home
- An investment property – it must be your main home