Launched in April 2014, it was thought that the Forces Help to Buy Scheme was going to come to a close in December 2018. However, the Defence Secretary Gavin Williamson has announced an extension of the Forces Help to Buy (FHTB) scheme until the end of 2019*.
What does this mean for Home Buyers?
Adam Nanson, Managing Director at Your Mortgage Expert comments:
“The scheme is designed to helped serving UK Forces Personnel to get on the property ladder by allowing serving military personnel to borrow up to 50% of their salary (capped at £25,000) to buy their first home, extend their current one or move to another property on assignment or as their needs change. The loan can also be used towards a deposit and other costs such as solicitor and estate agents’ fees and can be repaid over a period of up to 10 years.
“Recent research by the AFF has found that 69% of families said they were planning to use the scheme after December 2018**. So hopefully this announcement will be welcomed by the forces community.”
How can Your Mortgage Expert help?
Adam Nanson continues:
“Members of the armed forces often have difficulty when applying for a mortgage. This can be because they have a low credit score because they have been stationed abroad for long periods or have multiple UK addresses because they’ve been stationed multiple places over the last few years.
“We understand these frustrations and have helped many members of the armed forces arrange their mortgages, even when they have hit a brick wall in the past.
“We also understand how the Forces Help to Buy scheme works and can advise forces personnel on how to use the scheme, whether as a deposit or to help with other permitted fees.”
To find out more about how we help armed forces personnel, please visit our dedicated page. We also have a number of testimonials on our website which show how we have helped forces families access mortgages within the Salisbury area.
If you are interested in finding out more about the Forces Help to Buy scheme why not contact Your Mortgage Expert. We don’t charge for the initial consultation, so by speaking to us, you are under no obligation. We are based in Salisbury, Wiltshire, but we can help you no matter where you live in the UK.
Simply call us on 01722 322683 or complete a contact us form on our website and tell us when it would be best to get back in touch with you.
The information contained within this article was correct at the time of publication. It is intended for information only and does not constitute advice. TenetLime Ltd cannot be held responsible for information that was correct at the time of publication but subsequently changes or goes out of date due to changes in legislation. For further information, contact Your Mortgage Expert on 01722 322683.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.