If you are a member of any form of military personnel, there is some great news for you, courtesy of Army Families Federation Defence Secretary Ben Wallace.
The current Help to Buy Scheme that was created with the purpose of helping out military personnel to find their place on the property ladder, has been extended to a later date.
The scheme originally came into the world way back in 2014, with the £200 million scheme being put out with the aim to provide a boost to anyone who is a member of the forces and is in need of help buying their own property.
Though created for great reasons, the project was not created to be around for a long though, originally slated to end in December 2019.
As opposed to just bringing it to an end though, to give out a thank you to the forces’ commitment to their Queen and country, the UK government made the decision to extend this scheme further, right up until the end of 2022.
If you have served in the military at some point in the past and you are able to meet the right criteria, you will be able to utilise this government scheme, which will allow you to borrow a deposit that is up to half your annual salary (with a maximum of £25,000), without additional interest on top.
You will be able to use this scheme as a way of buying your first home or to cover the costs of a new property to move into. You could argue that the most appealing aspect of this, is that you are not required to have any current savings in order to make the leap onto the property ladder.
The funds that you will be able to use is raised from the Forces Help to Buy loan and you are able to use it for pretty much anything, from your deposit on a property, to any other costs that come up.
These costs may potentially include, but are not limited to, the costs of stamp duty, estate agent fees or even the costs of locating a suitable solicitor.
This government scheme is considered to be a little more relaxed than the other schemes available to home buyers, as the Forces Help to Buy loan can be taken out and paid back over a 10 year term. This allows you to breathe and not feel like your impending payments are breathing down your neck every month.
Bearing this in mind, the Forces Help to Buy loan can be an incredible lifeline to those who never even thought the prospect of owning a home would ever be a reality.
Once again, remember that you will still have to qualify for eligibility, the terms of which are based on if you have served your country and are able to meet the necessary criteria (length served, service term left and medical categories).
Click here to read further details on this helpful scheme from the government.
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Note; the Forces Help to Buy is not the same as the standard government Help to Buy Scheme.