A scheme that was brought into the world back in 2014, following on from the successful Help to Buy Equity Loan Scheme in Liverpool, the Forces Help to Buy Scheme is a government ran scheme that has the purpose of reducing the low rate of forces home ownership across the UK.
This scheme is available for use by Tri-Service members, the Royal Navy, Royal Marines, Army and Royal Air Force, as long as they all meet the criteria.
Additionally, the Ministry of Defence’s Defence Accommodation Strategy is also something that is factored in, as the aim of this is to ensure that all military personnel have access to a good standard of accommodation.
A big part of this, that is greatly emphasised, is the positive impact that homeownership can have with people that have mobile careers. These benefits include partner employability, stable education for your children, as well as continuity for members of the services who move out of active service.
Although it was set to end back in 2019, we have seen a small handful of extensions for the Forces Help to Buy Scheme in Liverpool, with the government eventually transforming it into an enduring policy, which means that service members both now and in the future, still have access to it.
How does the Forces Help to Buy Scheme in Liverpool work?
The way that Forces Help to Buy in Liverpool works, is that service personnel have the ability to borrow up to 50% of their annual salary, which will have a cap at £25,000, without any interest added on. This can be used either for a first time buyer mortgage in Liverpool or for moving home in Liverpool.
This scheme is currently available to all regular personnel who have completed the required length of service, are not a reservist or member of the Military Provost Guard Service, that also have more than 6 months of time left to serve at the time of application and that meet the appropriate medical categories.
There may still be exceptions to the criteria, especially when you are looking at factors such as special medical and personal circumstances. To learn more about these exceptions and to read further on Forces Help to Buy in Liverpool, please take a look at the government guidance website.
One of the more appealing aspects of FHTB, is that you don’t necessarily require any current savings of your own, just to be able to use this scheme. The funds acquired from FHTB can be used for a deposit, solicitors fees, estate agents fees and stamp duty land tax.
The good news in terms of your deposit as well, is that virtually all mortgage lenders accept using FHTB for that purpose. Additionally, it’s typically more relaxed than other schemes, with Forces Help to Buy in Liverpool needing to be paid back over a 10 year period.
How a Mortgage Advisor in Liverpool May Be Able To Help
As a mortgage broker in Liverpool with a great deal of experience and a strong reputation, we have a lot of love and respect for those in our country who have served for our benefit. We are here to provide help and support in any way we can.
From your first point of contact, right the way until mortgage completion, your trusted mortgage advisor in Liverpool will be on hand to make sure you are well looked after and are on your way to achieving a favourable outcome.
To learn more, please feel free to get booked in for a free mortgage appointment with one of our dedicated mortgage advisors in Liverpool today, and we will see how we can get the ball rolling on your home buying journey.
Note; The Forces Help to Buy in Liverpool is not the same as the standard UK Help to Buy Scheme in Liverpool or Shared Ownership Scheme.
If you happen to be an existing service member and homeowner who is looking to use Forces Help to Buy in Liverpool to move home, aged 55+, it could be appropriate to look at equity release or retirement interest-only mortgages (RIO Mortgages), as forces pensions could prove beneficial for this.
To understand the features and risks of equity release in Liverpool and lifetime mortgages, ask for a personalised illustration.
A lifetime mortgage in Liverpool may impact the value of your estate and it could affect your entitlement to current and future means-tested benefits. The loan plus accrued interest will be repayable upon death or moving into long-term care.
Date Last Edited: September 20, 2024
