If you happen to be a member of any type of military personnel, you are in luck!
When last reviewing the scheme, as of January 2023, The Forces Help to Buy Scheme will become an enduring policy, ensuring its availability to all service personnel now and in the future.
The current Help to Buy Scheme was made to function as a means of helping eligible military personnel in
getting onto the UK property ladder, with a bit of government assistance. It was introduced back in 2014 and has helped many of our nation’s heroes in finding a home of their own.
Though it has a great purpose and has done a lot of good in repaying those who have served for us, it was actually meant to finish back in 2019, though thankfully this was extended by the government.
If you have served in the British military at any point previously and you match up with the criteria, you can use this incredible government scheme. The scheme allows you to borrow an amount that is up to half your annual salary (with a maximum of £25,000), without any further interest being added on.
Eligible applicants can use it to cover both the deposit for purchasing their first ever home, as well as to cover the costs of moving into a new home, if they are already a homeowner. One of the most favourable aspects of the Help to Buy Armed Forces Scheme is that home buyers will not need to have any current savings of their own in order to purchase a home with this scheme.
The Forces Help to Buy loan gives you the funds to cover anything on a property purchase, from the deposit to any other costs that may crop up during your process. Other costs that you may encounter include, but are not limited to, the costs of Stamp Duty, fees from an estate agent or even the costs of finding yourself a suitable solicitor.
This government scheme is typically seen as a much less stringent home buying scheme, as using a Forces help to buy Mortgage in Sunderland allows you to pay back your loan over the course of a 10 year term. You’ll have the freedom to breathe a little easier knowing you aren’t necessarily rushed to pay back your loan every month. This doesn’t affect your monthly mortgage payments, however, as you will still need to pay these per month.
Bearing this benefit in mind, the Forces Help to Buy loan can be a truly amazing tool for helping prospective first time buyers in Sunderland who have served in the military, in getting onto the property ladder. Of course it is important to remember that you still have to qualify for this mortgage scheme. Your eligibility will be based on if you have served your country and if you are able to meet the necessary criteria (length served, service term left and medical categories).
Click here to read further information on the Forces Help to Buy Scheme.
By taking on the services of a trusted team of mortgage advisors in Sunderland, you will be one big step closer towards achieving mortgage success and owning the home of your dreams. Your dedicated mortgage advisor in Sunderland will support and guide you throughout every single step of the mortgage process, ensuring you are always up-to-date and taken care of.
From the start of your mortgage journey, until completion and even further afield than that, a trusted and loyal mortgage broker in Sunderland will be by your side, with a top tier level of service. We’re proud of the customer experience we bring to our customers, always working hard to reduce their stress levels and most importantly, show love and respect to those who work to make our great nation even greater.
Book your free mortgage appointment online with a member of our team today and we will see how we are able to help you.
Please note; the Forces Help to Buy is not the same home buying scheme as the standard government Help to Buy Scheme.
Date Last Edited - 09/06/2022