If you’re a regular serviceman or servicewoman in the armed forces, the Forces Help to Buy scheme could let you borrow up to 50% of your salary, interest free.
If you’re a regular serviceman or servicewoman in the armed forces, the Forces Help to Buy scheme could let you borrow up to 50% of your salary to a maximum of £25,000, interest free. This loan is for buying your first home or moving to another property on assignment or as your family’s needs change.
Who can use the scheme?
All regular personnel who:
- have completed the pre-requisite length of service
- have more than 6 months left to serve at the time they apply
- meet the right medical categories
However, it is recognised that there may be instances where exceptions to the standard rules may be justifiable, especially where there are extenuating medical and personal circumstances.
How much can be borrowed under the scheme?
This scheme allows service personnel to borrow up to 50% of their annual salary, to a maximum of £25,000. This can be used towards a deposit and other costs such as solicitor’s and estate agent’s fees.
The interest free loan can also be used in conjunction with Help to Buy. This combined use of both schemes presents a great opportunity for forces personnel to buy their first home or move to another.
How to get it?
Servicemen and servicewomen can apply for the loan online through the Joint Personnel Administration system and can seek advice on their application through their Chain of Command and personnel agency.