Suppose you fall into the category of military personnel. In that case, you might have heard that from 1 January 2023, The Forces Help to Buy Scheme will become an enduring policy, ensuring its availability to all service personnel now and in the future.
Thanks to this scheme, military personals have more time to decide if they want to put their foot onto the property ladder.
The scheme was initially brought into prominence back in 2014. The £200 million scheme’s purpose is to provide a boost to anyone from the forces who needed help buying a property.
If at any point, you served in the military and can meet the criteria, you will have access to this scheme. You can borrow a deposit of up to half your annual salary (maximum of £25,000) without any interest added.
If eligible, you can use the scheme to purchase your first home. The perks of this are that you do not need to have any current savings 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 spent for anything, from your deposit to any 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.
It helps give 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 lifeline to those who never even thought they’d be able to own their own home.
Bear in mind that you’ll still have to qualify for eligibility based on if you have served your country and can meet the correct 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 Leicester, your mortgage process may go quicker and smoother than it would be going alone.
Your advisor will walk you through every step you need to take. From the start of your mortgage process, when you get in touch, right through until your mortgage journey has ended.
Your dedicated mortgage advisor in Leicester will make sure you are cared for and hopefully end up with the best result for your circumstances.
As a company that prides itself on a reliable and efficient customer experience, it aims to take the stress away and, most importantly, loves and respects the nation’s forces.
Don’t hesitate to get in touch with us today. We will 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 schemes.