Armed Forces Help to Buy Scheme in Sheffield

Help to Buy Mortgage Advice in Sheffield

Good news, as of 1 January 2023, The Forces Help to Buy Scheme has become an enduring policy, ensuring its availability to all service personnel now and in the future. , the current Help to Buy scheme that helps aid military personnel to get their foot onto the property ladder, has been extended for a further three years.  

The £200 million scheme got introduced back in 2014 to offer a large salary to help armed forces achieve their property goals. 

Originally this scheme was meant to end in December 2019, however, as a thank you for their commitment to their service for this country it has now been extended to the end of 2022.  

How does this help to buy work?  

Any military personnel can borrow a deposit of up to half their annual salary (a maximum of £25,000) interest-free, to purchase their first home or to move into a new family home.

Here comes the best bit; You don’t need any current savings to get yourself onto the property ladder. Some of the money raised from the loan you’ll receive via the scheme can pay towards your deposit or other costs, such as:  

  • Estate agent fees 
  • Stamp duty 
  • Solicitors fees 

Most Lenders will accept the loan towards the deposit for a new home which is fantastic news for forces personnel.  

The loan can get paid back over 10 years, so there’s no rush paying it back asap. If you are military personnel, thanks to the Forces Help to Buy loan; if you can can meet the right criteria (length served, service term left and medical categories), you are eligible to purchase your home using Armed Forces Help to Buy Scheme.  

For more information, click here to get diverted to the government site. 

How we can help | Mortgage Advisor in Sheffield

Our team of Mortgage Advisors in Sheffield has your back. From the beginning of your process, right through to the end, your dedicated advisor will make sure they take care of you, ensuring that you end up with the most appropriate outcome for your circumstances. 

Providing a fast and friendly customer experience that is as free of stress as possible, contact us today and see how we might be able to help you today. 

Please note, Forces Help to Buy is not the same as the standard UK Help to Buy Scheme.  

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UK Moneyman Limited is authorised and regulated by the Financial Conduct Authority.
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