if you’re a member of the armed forces and you’re interested in the Forces Help to Buy scheme
Owning Your Dream Home
For members of the armed forces, the dream of homeownership can feel out of reach. Frequent relocations, deployments, and financial constraints can make navigating the property market seem daunting. However, initiatives like the Forces Help to Buy scheme and the Armed Forces Covenant offer valuable support, putting homeownership within reach for many dedicated personnel.
Understanding the Support:
Forces Help to Buy: This scheme provides an interest-free loan of up to 50% of your salary, capped at £25,000, to help with your deposit. This can significantly reduce the financial barrier and speed up your journey to homeownership.
For more information, visit Forces Help to Buy
Armed Forces Covenant:
This government-led initiative encourages organizations to support the armed forces community. Many lenders and housing developers sign up to the Covenant, offering special rates, discounts, and flexible policies designed for military personnel. Lenders that have signed up to this allow you to rent the property out, whilst having a residential mortgage (consent to let) whilst you are away on duty.
Making the Most of Both:
When searching for your mortgage, we look for lenders who recognise the challenges faced by service personnel and offer benefits aligned with the Armed Forces Covenant. These could include:
- Flexible affordability assessments: Considering your unique circumstances, including potential deployments and variable income.
- Reduced or waived fees: Lowering upfront costs associated with securing a mortgage.
- Support with relocations: Assisting with selling or renting your current home when redeployment occurs.
Additional Resources:
- Ministry of Defence Forces Help to Buy: https://www.gov.uk/government/publications/joint-service-housing-advice-office-leaflet-index/forces-help-to-buy-scheme
- The Armed Forces Covenant: https://www.armedforcescovenant.gov.uk/
- Forces Family Federations: https://www.raf-ff.org.uk/
Remember: Buying a home is a significant decision, and talking to an expert if critical. Our brokers explore all available options, compare mortgage rates and terms, and ensure you understand the financial commitment before taking the plunge.
With the right support and careful planning, the dream of homeownership can become a reality for members of the armed forces. The Forces Help to Buy scheme and the Armed Forces Covenant are valuable tools, empowering service personnel to secure their place on the property ladder and build a bright future for themselves and their families.
