Forces Help To Buy Scheme
The Forces Help To Buy Scheme (FHTB) is set to end this year so if it’s something you’ve been thinking about now is the time to get involved.
The scheme was launched on 1 April 2014 as a three year pilot scheme, and has now been extended to the end of 2018. Some servicemen and women can have difficulty getting a mortgage because of the affect the touring nature of their job has on their credit rating. FHTB helps address this unfair balance.
If you’re a regular serviceman or servicewoman in the armed forces, the Forces Help to Buy scheme could let you borrow up to 50% of your salary to a maximum of £25,000, interest free. This loan is for buying your first home or moving to another property on assignment or as your family’s needs change.
A few facts about the Scheme:-
- You can use the FHTB scheme in conjunction with some other government backed initiatives to help first time buyers, such as the Help to Buy ISA.
- Most mainstream mortgage providers are supporting Service Personnel by offering mortgage products in conjunction with FHTB.
- The scheme isn’t only for first time buyers, it can also be used if you are moving from one property to the next, although there are a few conditions around this, including a minimum distance move of 50 miles.
Announcing the extension to the end of 2018 a Ministry of Defence spokesperson stated “Extending this scheme will mean more troops can give their families – the unsung heroes – the stability that many of us take for granted.” We couldn’t agree more.
Contact our Property Team today on 01243 790532 for a no-obligation chat about how we can help you. And remember, we also offer a 10% discount to serving and retired military personnel.