Some really great news for any personnel of the military, as according to Army Families Federation Defence Secretary Ben Wallace the current Help to Buy scheme that was created as a means to help military personnel get onto the property ladder has been extended.
It was originally introduced back in 2014, with a huge £200 million put into the scheme. The intention was to provide a boost to anyone from the forces who needed some help in purchasing a home. The project was supposed to be brought to an end in December 2019.
To show their gratitude for the military’s commitment to their Queen and country, our government chose to extend this scheme further, choosing instead to bring it to an end in December 2022.
Anyone who has served some time in the military may be able to access the scheme and borrow a deposit of up to half their annual salary (a maximum of £25,000), free of any interest.
Of course you do have to be eligible, with this all depending on the length of the term served, how much you have left to serve and medical categories.
The Armed Forces Help to Buy Scheme can be used to either purchase their first home purchase or to move into a new home if you already own one.
Whether you previously thought you could or not, you now have a home buying lifeline if you are indeed eligible for it.
One of the best parts about this mortgage scheme, that is appealing to many home buyers, is that you don’t actually need any current savings in order to find your footing on the property ladder.
The funds will be raised from the loan that you receive via the Armed Forces Help to Buy Scheme and can be used to put towards your deposit as well as any other costs, including but not limited to;
🏠 Stamp duty
🏠 Estate agent fees
🏠 Solicitors fees
This scheme is a lot more relaxed than some other schemes available, and the Forces Help to Buy loan can be paid back over a duration of around 10 years, so you have no reason to feel rushed about paying it back.
For more information on this scheme from the government, click here.
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It is important to remember that the Forces Help to Buy is not the same as the typical UK Help to Buy scheme.