Armed Forces Help to Buy Scheme
Prospect Mortgage Services provide independent, sound and honest advice for your mortgage and protection needs.
The Forces Help to Buy Scheme is an enduring policy, ensuring its availability to all service personnel now and in the future. The scheme enables service personnel to borrow up to 50% of their salary, up to a maximum of £25,000 interest free towards the purchase of a property.
The aim of this scheme is to address the low rate of home ownership within the armed forces, as well meeting the aims of the Defence Accommodation Strategy in recognising the positive impact owning a home can have during an inherently mobile career.
Who can use the scheme?
All regular personnel who:
- have completed the pre-requisite length of service
- are not a reservist or a member of the Military Provost Guard Service
- have more than six months left to serve at the time they apply
- meet the right medical categories
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.
Speak to your Prospect Adviser for more information as to how the scheme can help you to purchase a home.