What is Forces Help to Buy?
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. Find out more at from gov.uk help to buy.
If this is you, then you are likely eligible.
How much can I borrow?
You can borrow up to 50% of your annual salary, to a maximum of £25,000. This can be used towards a deposit and other costs such as solicitors. See our guide to the cost of buying a home.
You can also use the normal Help to Buy scheme, should you need the extra money. See our help for first time buyers guide!
How do I get it?
You can apply for the loan online through the JPA (Joint Personnel Administration) system and can seek advice on their application through their Chain of Command and staff and personnel support detachment.
If you are considering buying a home, you will also need to speak to a mortgage specialist. Not all mortgage lenders will allow Forces Help to Buy so going to your bank will likely get you no were. Contact us to discuss your options.
When do I need to repay it?
The money must be paid back by the time you leave the forces, or within 10 years, depending which comes first, it is possible to remortgage your property at a later date to repay the debt or many soldiers will repay the loan with part of their lump sum when finishing their service.
Read the DIN JSP 464 Volume 1 Part 1 Chapter 12 – Forces Help to Buy.
Now you know a bit more about the scheme it’s time to speak to a mortgage specialist. Take a look at up Mortgage calculator! Or fill in our contact form below.