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Buying a property can be a complicated and stressful experience, especially if you’re making the transition from military life to civvy street. Whether you’re moving into civilian life or just looking to leave married quarters, regular armed forces personnel can benefit from a £200 million scheme to help them get on the property ladder.

The Forces Help to Buy scheme enables servicemen and servicewomen to borrow up to 50 per cent of their annual salary – interest free – to buy their first home.

High mobility and regular deployments mean that many personnel have delayed buying a home – and some experience difficulty when accessing credit. The pilot scheme was launched in June 2014 and is scheduled to run until 2017, with the aim of addressing the low rate of home ownership within the military.

It’s not about forcing servicemen and women out of military property though – single persons accommodation and married quarters are still an option for military personnel who want to continue to use them.

Mortgages are personal to the buyer, taking into account your circumstances, your lifestyle and – most importantly – your budget.

The amount you can borrow is based on what you can afford to pay each month taking into account many different factors. Irwin Mitchell is fully conversant with help to buy schemes and is a market leader on conveyancing.

All regular personnel who have completed the pre-requisite length of service, have more than six months left to serve at the time they apply and meet the right medical categories, can use the Help To Buy scheme, although there may be instances where exceptions can be made where there are extenuating medical and personal circumstances.

A recent poll saw buying or selling a property listed as the most stressful life experience a person can go through – more stressful than relationship break-up/divorce or being made redundant.

The scheme won’t do all the work for you, but it does allow service personnel to borrow up to 50 per cent of their annual salary, to a maximum of £25,000 which can then be used towards a deposit and other costs such as solicitor’s fees.

This coupled with an experienced and expert team of property lawyers on your side to exchange contracts, advise on mortgage offers and handle everything on the day of completion will help make the process a smooth one.

The loan is available regardless of marital status; both single and married personnel have access to the same level of loan, which will be repaid monthly through your salary over 10 years.

You will be expected to live in your new home whenever service needs allow, although if you are posted away then Service Family Accommodation will be available at the normal rates.

Autumn 2016 (PDF)

Key Contact

Helen Hutchison

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