Having a job in the armed forces shouldn’t make it harder for you to get on to the property ladder, whether you’re looking at buying your first home or moving to a new one due to a new assignment or if you’ve had a change in family circumstances. This is where the Armed Forces Help to Buy scheme comes in.
The Forces Help to Buy scheme gives you up to 50% of your salary as an interest-free loan to help cover a house deposit. It is available to all ranks and officers within the Armed Forces; however, you will need to have done a minimum of two years of service and have six months left on your service to be eligible to apply. The Armed Forces Help to Buy scheme is also capped at £25,000, so if you’re at a rank that is on £25,000 a year, you will be able to borrow a maximum of £12,500. If you’re on more than £50,000 a year, you will only be able to borrow the capped amount of £25,000.
To apply for the Forces Help to Buy scheme, you must log on to JPA. From there, there will be a questionnaire to fill in, which will give you an initial assessment as to whether you fit the criteria of the scheme. The documents will then need to be printed and signed off by the Commanding Officer and the Med Centre, amongst a few others.
You don’t need to be in the UK to apply for the Armed Forces Help to Buy scheme; you can be posted anywhere in the world.
Ideal Home Loans can help you with the nitty-gritty. From getting a financial review done to help you obtain an Agreements in Principle from a lender to all the necessary documentation and information, you will need for the Forces Help to Buy application. And everything in-between, we can make sense of all the jargon for you and advise you on your options.
You can get in touch with us via our enquiry form or drop us a call. We would be happy to talk things over with you and get you on your way to becoming a homeowner.