The scheme was initially brought into prominence back in 2014, with the £200 million scheme’s purpose being to provide a boost to anyone from the forces who needed help buying a property.
The project was not intended for long term though, as it was meant to end in December 2019. Rather than ending it, as a thank you to everyone’s commitment to their Queen and country, our government chose to turn this into an enduring policy.
If at any point you served in the military and can meet the right criteria, you will have access to this scheme, wherein you are able to borrow a deposit of up to half your annual salary (up to a maximum of £25,000), without any interest added on.
This can be used as a means of purchasing your first home or to fund a new property to move into. Arguably the best and most appealing part to this, is that you do not need to have any current savings in order to take that first step onto the property ladder.
The money you will be using is raised from the Forces Help to Buy loan and can be used for anything, from your deposit to any other additional costs. These can include, but are not limited to, stamp duty costs, estate agent fees or even the costs of finding a solicitor.
This government scheme tends to be a little more relaxed than some other schemes, as the Forces Help to Buy loan can be drawn out and paid back over a term of 10 years. This gives you room to breathe and not feel so rushed at any point.
With all this in mind, the Forces Help to Buy loan is a true lifeline to those who never even thought they’d be able to own their own home. Bear in mind you’ll still have to qualify for eligibility, which is based on if you have served your country and can meet the right criteria (length served, service term left and medical categories).
Click here to read additional information on this scheme from the government.
With the assistance of a dedicated and experienced mortgage advice team in Derby, your mortgage process may go quicker and smoother than it would going alone. Your mortgage advisor in Derby will walk you through every step you need to take, having your back from day one.
From the start of your mortgage process when you get in touch, right through until your mortgage has been completed and even beyond that, your dedicated mortgage advisor in Derby will make sure you are taken care of, and hopefully end up with the best result for your circumstances.
As a company that prides itself on a reliable and efficient customer experience, aims to take the stress away and most importantly, loves and respects the nations forces, please contact us today and we’ll take a look at how we can help with your home owning dreams.
Please bear in mind that the Forces Help to Buy is not the same as the standard UK Help to Buy scheme.