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Forces Help To Buy

Forces Help To Buy

The Forces Help to Buy Scheme aims to encourage home ownership amongst Service Personnel; the current pilot has been extended until the end of 2018.

FHTB offers regular armed forces personnel an interest free advance of salary known as a loan; in the main the loan can be up to 50% of the applicants salary up to £25,000.00 which can be used towards a deposit and other costs including estate agents and solicitors fees. The loan is payable over a period of up to 10 years. The property for which FHTB is claimed must be intended to be lived in by the applicant or that of their immediate family. The loan cannot be used to purchase second properties or a buy to let property. In some circumstances, such as extenuating family or medical circumstances, FHTB may be claimed to extend or modify a currently owned property.

Eligibility

  • Regular armed forces personnel.
  • First time buyers or those who are required to move due to a change in circumstances.
  • Have at least 6 months service remaining at the time of application.
  • In the last 12 months, have not owned a property within 50 miles of the intended purchase property.
  • Meet the required JMES grading.
  • Have not drawn any terminal benefits.
  • Must not be under warning discharge or final warning for discharge.

In addition to the above:

  • Royal Navy personnel must be accepted onto the trained strength, and
  • Army and RAF personnel must have completed 2 years service from date of enlistment and be on the trained strength.

How to apply

Applications can be made via JPA and should be made at least 6 weeks in advance of completion; you will be required to submit the details of your solicitor during the application process.

Most mainstream mortgage providers accept FHTB, but applicants should check with the lender before making the FHTB application.

Applicants should consult JSP 464 chapter 12 for further criteria and information before making the FHTB application on JPA.

Waiver of Recovery

Where death or invaliding from service is attributable to service, recovery of the loan may be through the FHTB Insurance scheme.

Checklist

  • Mortgage agreed in principal
  • Offer on property accepted
  • Checked eligibility criteria for FHTB
  • Instruct solicitor familiar with FHTB
  • Apply for FHTB on JPA