When you move regularly or are stationed abroad, which might affect your credit rating, getting on the property ladder in the UK can be tricky.
As a regular service man or woman, single or married, did you know you can borrow 50% of your salary (up to a maximum of £25,000) interest free and repayable over 10 years?
This can be used as a deposit for your main home (You won’t be able to use this to purchase a buy to let property or second home, it’s for your main property only). However some lenders will allow you to rent the house out as a special concession for forces personal.
How does it work?
Launched in April 2014 on a three year pilot, the Forces Help To Buy Scheme supports first-time buyers and service men and women who have to move home because they are relocated.
The RAF or Army will lend you money (up to £25,000) so that you can afford to put a deposit down on a property. You might prefer to remain living on the base and look to buy a house with a 10% deposit and then renting it out as a long-term investment. Usually you would need a 25% deposit to rent a house out so this can be an attractive proposition.
Am I eligible?
Yes, if you meet a few conditions.
You need to:
- Be in regular service
- Have served 2 years or more
- Have at least 6 months left to serve at the time of applying
- In the last 12 months have not owned a property within 50 miles of the proposed purchase (check with us as there are exceptions)
Buying a home doesn’t have to be complicated when you work in the Forces. Let us help – we’ve built excellent relationships with lenders and have been giving our clients the benefit of our knowledge and expertise since 2012.
So if you’re local to Newark, why not pop in? We can have a friendly chat about what you’re looking for, give you some advice and help you with the forms for borrowing the deposit from your employer.
If you’re based further afield, no problem. Simply give us a call on 01636 674455 or email email@example.com to find out how we can help.
There’s more about the Forces Help To Buy Scheme on the Government’s website at https://www.gov.uk/guidance/forces-help-to-buy. Please be aware that on clicking the above link, you will leave the regulated site of BB Mortgages Ltd. Neither BB Mortgages Ltd, nor Sesame Ltd, is responsible for the accuracy of the information contained within the linked site.
Helping those who protect us – for every forces personnel mortgage we advise on we will make a donation to Help for Heroes.
Your property may be repossessed if you do not keep up repayments on your mortgage.