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Forces Help to Buy (FHTB)

Forces Help to Buy supports military personnel in purchasing their homes.

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What is the Forces Help to Buy Scheme?

The Forces Help to Buy Scheme is a government initiative aimed at helping armed forces members in purchasing their first home or moving to a new property.

It provides an interest-free loan of up to 50% of a service member’s annual salary, capped at £25,000, which can be used for a deposit and associated costs.

It’s important to remember that it the scheme is available to regular service personnel with at least 12 months’ service, the loan is repaid over ten years via payroll deductions and it can be used for buying a new home, moving closer to work, adapting a home for medical reasons, or extending a property due to changing family needs.

This scheme offers financial support tailored to the specific needs of service members, helping them secure housing.

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Who is eligible for Forces Help to Buy?

The Forces Help to Buy Scheme is available to personnel who:

  • Are serving in the British Army, Royal Navy, and Royal Air Force.
  • Have completed the prerequisite length of service.
  • Are not a reservist or a members of the Military Provost Guard Service.
  • Meet the appropriate medical criteria.
  • Have at least six months of service left at the time of application.

Despite this criteria, there may still be instances where there are exceptions to the rules that are justifiable, such as particular medical circumstances.

The scheme is designed to help eligible armed forces members in purchasing their first home, moving to a new property, or adapting an existing home for medical reasons.

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FAQs – Forces Help to Buy

When is Forces Help to Buy set to end?

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Originally set to end in 2019, the Forces Help to Buy Scheme has seen multiple extensions. The government has now made it a permanent policy, ensuring it remains available to all service members indefinitely.

How does the Forces Help to Buy Scheme work?

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The Forces Help to Buy Scheme enables Regular Serving Personnel to borrow up to 50% of their annual salary, up to a maximum of £25,000, interest-free.

This advance can be used towards a deposit for purchasing a home, as well as solicitor and estate agent fees. In certain extenuating circumstances, it may also be used to adapt an existing property to meet changing family needs.

To learn more, you can check out the government Own Your Home website.

Is Forces Help to Buy the same as the Help to Buy Equity Loan?

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No, Forces Help to Buy (FHTB) differs from the Help to Buy Equity Loan.

Forces Help to Buy is exclusively tailored for members of the armed forces, providing them with an interest-free loan of up to 50% of their annual salary (capped at £25,000) to facilitate home purchases or relocations.

Conversely, the Help to Buy Equity Loan, once available nationwide, now solely operates in Wales.

This scheme was designed for the general public, offering an equity loan of up to 20% (40% in London) of the property’s value, interest-free for the initial five years. It targeted first-time buyers and those seeking new-build properties.

Can you use Forces Help to Buy to move home?

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Forces Help to Buy can indeed be used to fund moving home for members of the armed forces.

This government initiative offers an interest-free loan of up to 50% of a service member’s annual salary, capped at £25,000, which can be applied towards various expenses associated with the home moving process.

Whether service personnel are seeking to downsize, upgrade to a larger home, or move to a different location due to a change in deployment or personal circumstances, Forces Help to Buy can provide valuable financial help to people in need.

This includes covering costs such as solicitor’s fees, estate agent fees, and any necessary renovations or adaptations to the new property.

By offering this support, the scheme aims to ease the financial burden of moving home for armed forces personnel, allowing them to focus on their professional duties and personal lives with greater peace of mind.

Do you need a deposit for Forces Help to Buy?

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With Forces Help to Buy, you don’t need a deposit to benefit from this scheme, unlike many other mortgage options available.

This feature is particularly advantageous for members of the armed forces who may not have substantial savings for a traditional deposit.

Unlike conventional mortgages, where a deposit is typically required, Forces Help to Buy offers an interest-free loan of up to 50% of a service member’s annual salary, capped at £25,000.

This loan can be a significant financial boost, helping service members cover various expenses associated with purchasing a home or moving to a new property.

By eliminating the need for a deposit, Forces Help to Buy opens up homeownership opportunities for service members who might otherwise struggle to save for a deposit while serving.

This accessibility can make a significant difference, allowing individuals and families to achieve their homeownership goals more easily and without the initial financial burden of a deposit.

When do you need to pay Forces Help to Buy back by?

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You need to pay back Forces Help to Buy over a period of ten years, with repayments made through payroll deductions. This structured repayment plan ensures that the loan is repaid gradually and conveniently, spreading the financial commitment over an extended period.

Can you use Forces Help to Buy in retirement?

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Forces Help to Buy is specifically designed for active members of the armed forces, typically utilised during their service years to help with purchasing a home or moving to a new property. That said, once individuals transition into retirement, they may not be eligible for this scheme anymore.

Retirees may explore alternative options such as equity release, other retirement mortgage options or downsizing to access funds for housing needs.

Equity release allows homeowners to unlock some of the equity tied up in their property without the need to move, providing a source of additional income or a lump sum.

Additionally, retirees may consider utilising their forces pensions or other retirement savings to support their housing needs. These pensions often offer stable and reliable income streams, making them valuable assets for funding retirement housing.

It’s essential for retirees to carefully consider their financial situation and speak with a financial advisor to explore the most suitable options for their individual circumstances.

Who is the Forces Help to Buy Scheme available to?

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The Forces Help to Buy Scheme is available to regular service personnel who have completed a minimum of 12 months of service.

This includes individuals serving in the Army, Navy, Air Force. Eligibility extends to both those considering their first home purchase and those seeking to move to a new property.

You must also fulfill certain medical criteria. These criteria ensure that individuals who may have medical needs are still able to access the scheme’s benefits.

Meeting the medical eligibility criteria underscores the scheme’s commitment to supporting service members in various circumstances, including those with specific medical requirements.

What is the purpose of Forces Help to Buy?

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The primary goal of the scheme is to promote home ownership opportunities for eligible Service Personnel. It seeks to tackle the low rate of home ownership within the armed forces while aligning with the objectives of the Defence Accommodation Strategy.

Recognising the benefits of home ownership, especially in a career marked by frequent home moves, the scheme aims to provide service members with housing stability and financial security.

How can a mortgage advisor help with Forces Help to Buy?

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A mortgage broker can provide valuable help with Forces Help to Buy by guiding service members through the application process, ensuring they meet eligibility criteria, and helping them understand the financial implications.

They can also help service members explore alternative financing options and advise on the most suitable mortgage products tailored to their individual circumstances.

Additionally, mortgage advisors can offer ongoing support and mortgage advice, ensuring service members make informed decisions throughout the homebuying journey.

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We work to a time that suits you. You can put your personal life and military commitments first, attending your free mortgage appointment at a time convenient to you.

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We'll be here to answer all of your questions about the Forces Help to Buy Scheme, ensuring you always know where you are in your home buying journey.

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Your mortgage advisor will analyse your circumstances and search through 1000s of mortgage deals, to find the most suitable one for you.

We have a lot of experience & knowledge in the world of Forces Help to Buy.

We fully understand the workings of the Forces Help to Buy Scheme, and will use our knowledge to best help you on your journey.

Your mortgage advisor will be by your side every step of the way.

We'll be by your side all throughout, providing guidance and support whenever we're needed. We can also help to suggest property surveys and recommend conveyancing solicitors.

Dedicated to helping service members across the nation.

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Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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