Military Help To Buy Scheme
If you are a member of the armed forces then your life could more likely then not be very unpredictable. You might be required to move around a lot and live in different places even different countries. Meaning you hardly spend anytime in the UK. This makes it very hard to get a base in terms of a home as you simply move around too much. For this reason alone you might not have thought about buying a property on the basis that you think mortgage lenders won’t even look at you.
The Military help to buy scheme could be exactly what you need and this could help you get on the property ladder and get your first home. As it stands it works like this until 2022 so there is ample time to make use of it and get on the property ladder. It is essentially an advance of your salary and has to be repaid over the next 10 years. You need to have been in regular service and have at least 6 months left. You can’t have owned a property within 50 miles of the area you are looking to buy also. There might be exceptions to this as it’s a case by case basis. The military help to buy scheme could help you by providing you with financial support to make your mortgage application more financially safe from a lenders perspective. This is a £200 million Government scheme that helps members of the military forces that was launched in 2014.
The military help to buy scheme was created to help solve the issue of low home ownership rates of members of the military forces. You could potentially borrow up to 50% of your salary up to a maximum £25,000 which is also interest free. The scheme is available to regular personnel to buy their first property or move to a new location. To put it bluntly it’s a helping hand to get you on the property ladder and buy your first home by helping you raise a healthy deposit.
Not all lenders will allow use of this scheme and that includes some high street lenders. We have full market access so know who to go to and who is most likely to accept you. Once we have compiled a list of potential lenders and rates we can discuss with you the options and who we think is best as it’s not always the one with the lowest rates to go for, we can make sure all your questions are answered before you make a decision.
We can offer you the following:
- Friendly service
- 100% transparency
- Fast response times
- Industry knowledge
- Access to full market
If you can offer a larger deposit when looking to purchase then it opens up access and availability to a lot more lenders and also far better rates too which could mean lower monthly repayments. The loan needs to be paid off within 10 years or when you leave the service whichever comes first. Each application is unique and comes with it’s own set of circumstances ands we have years of experience and specialise in military help to buy scheme applications. Get in touch today for a free initial chat and consultation. We can help guide you every step of the way from start to completion and hopefully picking up the keys to your new property.