Armed Forces Help to Buy: Opening Doors to Homeownership for Military Personnel

Understanding Armed Forces Help to Buy

The Armed Forces Help to Buy scheme is a government-backed initiative aimed at assisting armed forces personnel in their quest for homeownership. This scheme recognises the challenges faced by military personnel and provides tailored benefits to support them. The purpose of Armed Forces Help to Buy is to offer financial assistance, making it easier for you to take the first steps towards owning a property. The benefits of the scheme include:

Interest-Free Loans: Armed Forces Help to Buy offers interest-free loans of up to 20% of the property’s value, allowing you to secure a mortgage with a lower deposit.

Affordability Boost: By reducing the deposit requirement, the scheme helps bridge the affordability gap, making homeownership more achievable for armed forces personnel.

Flexibility: The scheme is flexible and can be used in conjunction with other government schemes.

Eligibility Criteria

To participate in the Forces Help To Buy scheme, armed forces personnel must meet specific eligibility criteria. These criteria are set to ensure that the scheme’s benefits are available to those who genuinely require support in their pursuit of homeownership. Here are the eligibility requirements for the Forces Help To Buy scheme:

Regular Service: Applicants must be currently serving in the armed forces in regular service. This includes personnel from the Royal Navy, Army, and Royal Air Force.

Royal Navy: Individuals serving in the Royal Navy must have been accepted onto trained strength.

Army and RAF: Army and RAF personnel must have completed a minimum of two years’ service from the date of enlistment and be on trained strength, which means they have completed phase two training.

Time Left to Serve: At the time of application, applicants must have at least six months of service remaining. This ensures that they have sufficient time to occupy the property and make the most of the scheme’s benefits.

Intended Occupation: The property for which Forces Help To Buy is claimed must be intended for the service person’s own immediate occupation or that of their immediate family. There is an exception for personnel in overseas postings at the time of application and purchase.

Purpose of Purchase: The scheme is primarily designed for first-time buyers or those needing to move to another property due to assigned postings or specific extenuating family or medical circumstances. It is not intended for the purchase of “buy-to-let” properties or any other second property. However, under certain circumstances, it can be used to extend or modify an existing property.

By meeting these eligibility criteria, armed forces personnel can make use of the Forces Help To Buy scheme to facilitate their journey towards homeownership. It is important to understand and fulfil these requirements to ensure that you are eligible to participate in the scheme and access the valuable support it provides.

Benefits of Armed Forces Help to Buy

Armed Forces Help to Buy offers a range of financial advantages that can significantly improve your ability to purchase a property. Here are the key benefits of the scheme:

Interest-Free Loans: Through Armed Forces Help to Buy, you can access an interest-free loan of up to 20% of the property’s value. This reduces the amount you need to borrow from a mortgage lender, resulting in lower monthly mortgage repayments.

Increased Affordability: By reducing the deposit requirement, the scheme improves affordability, enabling you to access a wider range of properties and potentially secure better mortgage deals.

Easier Access to Mortgages: The scheme’s financial assistance makes it easier for armed forces personnel to meet the deposit requirements set by mortgage lenders, improving their chances of obtaining mortgage approval.

Long-Term Savings: As the loan provided through Armed Forces Help to Buy is interest-free, you can save money over the long term compared to traditional mortgages that come with interest charges.

Armed Forces Help to Buy is a valuable scheme that opens doors to homeownership for armed forces personnel. By leveraging the benefits and support available through this scheme, you can achieve your homeownership goals with ease. Remember, it’s crucial to consult with a mortgage adviser who specialises in armed forces support to ensure you make the most informed decisions throughout the process.

At Mortgage Experience, we understand the unique challenges faced by armed forces personnel when it comes to buying a property. Our team of experienced mortgage advisers are here to assist you every step of the way, providing expert advice and support tailored to your specific needs.

Contact us today to learn more about Armed Forces Help to Buy and how we can help you navigate the path to homeownership. Your dream of owning a home is within reach, and we’re here to make it a reality.

Mortgage Experience – Your Trusted Partner for Armed Forces Help to Buy.