Army Help To Buy

If you have been in the Army for a while then you may have been required to move around a lot due to being stationed all over the UK and even overseas too. Whilst this is not a problem as you are usually provided with accommodation as part of the job it can affect your ability to get a mortgage. This is where the army help to buy can be your saviour.

It is available to regular personnel and helps them buy their first home and get on the property ladder. This help is available to all personnel until the end of 2022 so there is no rush to use it or to panic buy at this stage.

To be eligible for the Army help to buy you must have the following:

  • Be in regular service
  • Have completed 2 years service from enlistment
  • Have at least 6 months left to serve
  • Not owned a property in the last 12 months within 50 miles of the property you are buying

How much can you borrow?

You are allowed to borrow up to 50% of the annual salary you make.  This is to a maximum of £25,000. This sum on money is then used to put towards a deposit and also other costs like a solicitor etc.  Obviously the more deposit you have access to the better your chance of gaining a mortgage plus you also get access to lower rates and APR’s so the repayment figures per month will be lower also.

Army Help To BuyThe money you borrow for the Army help to buy must be paid back within 10 years or by the time you leave the forces, whichever comes soonest.  You do have options at a later date to Remortgage to pay off the debt and we can help you with this also. We have years and years experience with this type of house purchase and have helped hundreds of serviceman and women get on the property ladder thanks to this scheme. To apply you need to do it online through the JPA system, here you can also get help and advice too.  This is not a mortgage but a way to help you raise funds to  be  in a position to put down a decent deposit thanks to the Army help to buy  which will then open up opportunities with many more lenders which in turn means better rates too.

I’m Overseas Though

Even if you are permanently based overseas we can help you use this scheme and get a mortgage to buy a property overseas.  We work with many excellent overseas mortgage companies and can help you no matter where in the world you are based with the Army.

Poor Credit Rating

A big part of your job will most likely be travel.  When you are away on duty mortgages is the last thing on your mind. Being located overseas does have an impact on your credit rating and this in turn can affect matters when you apply for a mortgage. There are still plenty of lenders around who will grant you a mortgage and we can help process your application with them to give you the best chance of being accepted. Speak to us today when you need to use the Army help to buy to get on the property ladder.

Call us today on 08081 551 807 or email us at enquiries@mortgagesquared.co.uk