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
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
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 –
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
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)
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