The £200 million UK armed forces scheme, enabling Army, Navy and Air Force servicemen and servicewomen to get on the property ladder, has been extended until 31 December 2022. For more information, you might want to think about getting in touch with us to find out more about how you could borrow up to 50% of your salary, interest-free, to buy your first home.
Want to get on the property ladder?
Portsmouth is considered by many to be the home of the Royal Navy, but HMNB Portsmouth is also surrounded by HMS Sultan, HMS Collingwood, Thorney Island and Southwick Park RMP - home for many British Army personnel too.
If now’s the right time for you to put down roots and find a home of your own, then we can be there to advise you on the Forces Help to Buy scheme, and how it can make buying your first home more affordable.
Who can use the scheme?
All regular personnel can use the scheme who:
- Have completed the pre-requisite length of service
- Have more than 6 months left to serve at the time they apply
- Meet the right medical categories
However, it’s recognised that there may be instances where exceptions to the standard rules may be justifiable, especially where there are extenuating medical and personal circumstances.
You do not have to be married or have children to apply. Single service personnel can also apply.
How much can be borrowed under the scheme?
The scheme allows service personnel to borrow up to 50% of their annual salary, to a maximum of £25,000. This can be used towards a deposit and other costs such as solicitors and estate agency fees.
How can we help?
Contact us to speak to our friendly team and book your free, no obligation, mortgage consultation with a mortgage broker from our Portsmouth Technopole office. We can find the right mortgage; all you need to do is find your perfect home!
Mortgage Advice Bureau is proud to be an Armed Forces Covenant member.