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Help to Buy – Armed Forces

A scheme to help armed forces personnel get on the property ladder.

 

What is the scheme?

Regular armed forces personnel can benefit from a £200 million scheme to help them get on the property ladder. The Forces Help to Buy scheme enables servicemen and servicewomen to borrow up to 50% of their salary, interest free, to buy their first home or move to another property on assignment or as their families needs change.

The pilot scheme, which launched in April 2014 and has now been extended to 31 December 2019, aims to address the low rate of home ownership in the armed forces.

 

 Who can use the scheme?

All regular personnel who:

  • have completed the pre-requisite length of service
  • have more than 6 months left to serve at the time they apply
  • meet the right medical categories

However, it is recognised that there may be instances where exceptions to the standard rules may be justifiable, especially where there are extenuating medical and personal circumstances.

 

How much can be borrowed under the scheme?

This scheme allows service personnel to borrow up to 50% of their annual salary, to a maximum of £25,000. This can be used towards a deposit and other costs such as solicitor’s and estate agent’s fees.

 

How to get it?

Servicemen and servicewomen can apply for the loan online through the Joint Personnel Administration system and can seek advice on their application through their Chain of Command and personnel agency.

 

How we can help

We can help to source a mortgage lender and product which is suitable to use along with the Forces Help to Buy Scheme as not all lenders will allow this scheme to be used.

  • Contact us

    If you would like to arrange an appointment to speak with our mortgage team or if you have any questions, please call 01869 248 339 for our Bicester and London locations, 01865 660 023 for our Oxford location, or email us at info@imsinternet.co.uk

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