What is the Scheme?
This is a Ministry of Defence (MoD) Scheme designed to help regular armed forces personnel onto the property ladder.
The Forces Help to Buy scheme enables servicemen and servicewomen to borrow up to 50% of their salary, interest free, to buy their first home or move to another property on assignment or as their family’s needs change.
The pilot scheme, which launched in April 2014 and was initially extended to 2018, has now been extended to the end of 2019. Its aim is to address the low rate of home ownership in the armed forces.
This Scheme allows service personnel to borrow up to 50% of their annual salary.
If eligible, the MoD will lend up to 50% of the serviceman’s or servicewoman’s salary (to a maximum of £25,000) to help pay a deposit on their first home. The loan is interest-free and has to be repaid to the MoD within ten years through salary deduction. This can be used towards a deposit and other costs such as solicitor’s and estate agent’s fees.
Forces Help to Buy is not related to other Government funded Help to Buy schemes but can be used in conjunction with the Government’s Help to Buy Schemes.
Sqd. Ldr. S Hydman and Miss S Cumming, recently said the following of the service Tricia provided:-
Our estate agent recommended HMG Law and we are so glad they did. From the outset their professionalism was first rate and specifically our Conveyancer, Tricia Miller, was outstanding throughout the process of buying and selling. Although our chain was short, it was complicated as we were repaying a Help to Buy Equity Loan on the property we were selling, utilising the Forces Help to Buy scheme for our intended purchase, all whilst dealing with a difficult seller. Tricia’s attention to deal and extensive knowledge of property law ensured that any potential pitfalls (of which it transpired on our purchase there were many) were quickly identified, highlighted and overcome. We have no doubt that without her expertise and determination the purchase of our new house would not have occurred. We would highly recommend HMG Law and specifically Tricia Miller to act as their legal representative for any house sale or purchase.
If you need help or advice on the Forces Help to Buy Scheme or any other matter related to purchase or sale of a residential property, please contact Tricia on 01869 252244.