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5 Things You May Not Know About Forces Help to Buy

by | Aug 16, 2022 | Armed Forces Covenant, News

help to buy scheme

Written by Katherine Price, Paralegal in the Property Team and Armed Forces Covenant Liaison

Forces Help to Buy was launched April 2014 and has recently been extended to December 2022. A lot of serving personnel are not aware of this scheme and it could help get their foot on the property ladder or buy their forever home. There is a lot of information out there, but here are the basics –

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You can potentially borrow up to 50% of your salary (maximum borrowing £25,000).

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It is interest free and can be used towards the deposit for your first home or move to another property on assignment or as your families’ needs change.
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It is paid back over 10 years through your monthly salary or payments can be deferred until your last 10 years of service.

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You must have served a minimum of 2 years and have more than 6 months left of active service at the time of applying.
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Every Force is different, and so you will need to speak to a Clerk or HR department and they will be able to advice further.

Here are some things you might know about Forces Help to Buy –

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You can use this scheme for any property, not just new builds.

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Forces Help to Buy is a different scheme from the standard Help to Buy. But they can be used in conjunction with one another.

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You do not have to be married to take advantage of the scheme.
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You do not need to be a first-time buyer.
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It can be used for other fees such as solicitors or estate agents.

Here at Onions and Davies, our Conveyancing Department can help you purchase your first or additional home with the aid of Forces Help to Buy. We will deal with the MOD on your behalf and receive the funds directly from the MOD.

Please contact us for a FREE no obligation quote and don’t forget we offer 10% discount to all serving personnel at katherine@onionsanddavies.co.uk

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