Members of the armed forces face unique challenges when it comes to getting on the property ladder, thanks to the frequent relocations that come with the job. But there's a government scheme designed to help – the Forces Help to Buy (FHTB) Scheme.
What is the Forces Help to Buy Scheme?
The FHTB Scheme is a game-changer for regular service personnel. It allows you to borrow up to 50% of your annual salary, capped at £25,000, as an interest-free loan. This can be used for a deposit on a property, solicitor and estate agent fees, or even adaptations to an existing home – a massive boost for anyone struggling to save enough for a decent down payment.
Why is the FHTB Scheme So Helpful?
Saving for a deposit is the biggest hurdle for most first-time buyers. The FHTB Scheme bridges that gap, potentially allowing you to access better mortgage deals with lower interest rates. This translates to significant savings over the life of your mortgage.
But There's More!
Beyond the financial benefit, the FHTB Scheme offers stability. Frequent moves are part of military life, but owning a home can provide a sense of permanence. It gives you a place to put down roots and allows your family to adjust to new locations more easily.
Who is Eligible?
The good news is the eligibility criteria are fairly straightforward. To qualify, you must be:
- A Regular member of the armed forces
- Completed at least 12 months' service
- Have at least 6 months left to serve at the time of application
- Meet the medical category requirements
There are some additional considerations, so it's always best to check with your unit's welfare office or the official Forces Help to Buy website: https://www.gov.uk/guidance/forces-help-to-buy.
How Can We Help?
Explain the FHTB Scheme in detail: We can ensure you understand all the intricacies of the scheme and how it works with your specific circumstances.
Help you find the right mortgage: With access to a wide range of lenders and products, we can find a mortgage that complements the FHTB Scheme and fits your financial goals.
Guide you through the application process: From paperwork to affordability checks, we'll be there every step of the way to ensure a smooth application process.
Taking the First Step
Owning a home is a dream for many, and the FHTB Scheme offers a fantastic opportunity for service personnel. If you're thinking about buying a property, don't hesitate to reach out. We can help you understand the scheme, navigate the options, and make informed decisions about your financial future. Remember, getting on the property ladder might seem daunting, but with the right support and the FHTB Scheme on your side, it's more achievable than you think.
Call us on 0345 2185211
Email us at info@justmortgages.co.uk
Just Mortgages is a trading name of Just Mortgages Direct Ltd, which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.
Source - https://www.gov.uk/guidance/forces-help-to-buy
Approved by The Openwork Partnership on 20/05/2024