Charles Church

Forces Help to Buy

Now extended to the end of December 2022, the Forces Help to Buy Scheme (FHTB) is there to help British Armed Forces personnel take the first step onto the property ladder, and lend a hand to those who need it.

How does it work? 

The FHTB is a Government-run scheme that allows British Service personnel to borrow up to 50% of their their annual salary (up to a maximum of £25,000) to put towards the purchase of a home. The scheme can be used by first-time buyers, or those needing to move due to assignment or due to certain extenuating circumstances. 

FHTB FAQs

Who is eligible? 

Regular Service Personnel who have a minimum of 6 months left of service, have completed the pre-requisite length of service, and meet the right medical categories. Your marital/civil partnership status does not matter. 

How much can I borrow? 

Service personnel using the scheme can obtain an interest-free loan of up to half their salary (up to £25,000), which can be used towards a deposit and other fees including solicitor's and surveyor's fees. 

How does it work in conjunction with mortgages? 

You must have a mortgage lender who is willing to advance a mortgage on the property you have chosen. Most lenders do offer products in conjunction with FHTB, but it's best to make sure before you apply, and if you are using a mortgage broker make sure to tell them that you intend to use FHTB.

Can it be used with other schemes? 

Yes. The FHTB Scheme is separate to other Help to Buy schemes, and can be used in conjunction with the Help to Buy: Equity Loan scheme, Help to Buy Wales and Help to Buy Scotland. 

Which properties can it be used on? 

Properties eligible for FHTB must be mortgageable, residential (not business) and intended to be occupied by the service person or their immediate family. 

How do I apply?

For more information, visit the GOV.UK website here

 

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