Originally brought forward in 2014, following the successful launch of the Help to Buy Equity Loan Scheme, the government introduced a scheme that by design had the purpose of reducing the low rate of forces home ownership across the country.
The Forces Help to Buy Scheme in Coventry is available to Tri-Service members, the Royal Navy, Royal Marines, Army and Royal Air Force, so long as they can meet the criteria.
Further to this, the Ministry of Defence’s Defence Accommodation Strategy also comes into play with this, aiming to make sure everyone has equal access to a good standard of accommodation.
Outlined in the MoD’s strategy, is the positive impact that homeownership can potentially have on people with inherently mobile careers, with these including partner employability, stable education for their kids and also continuity, as members of the services move out of being in active service.
Though it was supposed to end back in 2019, we have seen a few extensions for the Forces Help to Buy Scheme in Coventry, with the government eventually turning this into an enduring policy, which will allow it to remain available to all service members, both now and in the years to come.
The way that the FHTB Scheme will work, is that service personnel have the ability to borrow up to 50% of their annual salary, which will have a cap at £25,000, free from interest. They are able to use this, either as a means to buy their first home or if they are an existing homeowner, move home.
It is currently available to all regular personnel who have completed the required length of service, are not listed as a reservist or member of the Military Provost Guard Service, have more than 6 months of time left to serve at the time of application and that meet all of the correct medical categories.
That being said, there may still be exceptions to the criteria, especially when you are factoring in special medical and personal circumstances. To learn more about this and other information regarding a Forces Help to Buy in Coventry, please take a look at the government guidance website.
Possibly one of the best aspects of FHTB, is that you are not required to have any current savings of your own before you can use it to get onto the property ladder. You have the freedom to use this towards costs such as a deposit, solicitors fees, estate agents fees and even stamp duty land tax.
The handy news regarding deposit too, is that the vast majority of mortgage lenders will accept the funds from FHTB for doing so. It tends to be a much more relaxed scheme than other home buying schemes, with the loan from Forces Help to Buy in Coventry only requiring you to pay back over a period of 10 years.
As an open & honest mortgage broker in Coventry, that has a deep love and respect for our service members across the United Kingdom and in Coventry, we’re here to support and help you on your home buying journey in any way that we are able to do so.
From your initial point of contact, all the way through until you achieve mortgage completion and even beyond, your dedicated mortgage advisor in Coventry will work hard to make sure that you are taken care of and end up with the best result for what it is you wish to achieve.
To learn more, you are welcome to book yourself in for a free mortgage appointment and we will see how we are able to help you throughout your home buying experience.
Note; The Forces Help to Buy in Coventry is not the same as a standard UK Help to Buy in Coventry or Shared Ownership in Coventry.
If you are both a current service member and homeowner that is looking to use Forces Help to Buy in Coventry for moving home, and are aged 55+, it may be worth looking at your options for equity release or retirement interest-only mortgages (RIO Mortgages), as forces pensions may prove to be beneficial in this regard.
To understand the features and risks of equity release in Coventry and lifetime mortgages in Coventry, ask for a personalised illustration.
A lifetime mortgage in Coventry 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.