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 make this an enduring policy.
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.
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.
By enlisting the help of a dedicated team of mortgage advisors in Cardiff, your journey to mortgage success may go quicker and smoother than it otherwise could have done.
Your assigned advisor will guide you throughout every part of the process, ensuring you are taken care of and well informed.
From the beginning of your journey, until your mortgage completes and beyond, your trusted mortgage advisor in Cardiff will be by your side, hopefully allowing you to end up with a favourable outcome.
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Date Last Edited: December 6, 2023