At last, the government is helping you to buy a home!

On behalf of Attwaters Jameson Hill posted in Uncategorised on Thursday, August 14th, 2014

Many members of the armed forces are not aware that the government has made military family’s top priority to ensure extra help is provided to enable armed forces personnel to purchase their homes.

Many members of the armed forces are not aware that the government has made military family’s top priority to ensure extra help is provided to enable armed forces personnel to purchase their homes.

Last month the defence secretary launched the Forces – Help to Buy Scheme. The government has allocated £200 million to help serving personnel to borrow up to 50% of their salary (up to a maximum of £25,000.00) interest free. This will be used as a deposit to buy your first home. If successful in your application, you will be ‘advanced’ a loan from your salary. This will then be repaid, interest free, over a period of 10 years,

This scheme has been put in place to try to address and balance the problems experienced by the armed forces personnel in obtaining a mortgage. The difficulties arise due to regular relocation moves which have a negative effect on credit ratings.

The government has also worked closely with the credit agencies and Royal Mail to ensure that living on a base or serving abroad does not disadvantage any mortgage applications.

The Forces – Help to Buy Scheme is aimed at first time buyers. However, if you are already a home owner you will be eligible to apply for the nationwide Help to Buy Scheme. This scheme provides a 20% equity loan to enable you to proceed with your purchase. The equity loan would be an interest free loan for a period of 5 years.

The scheme is available to all regular personnel regardless of their marital status or length of employment. This scheme replaces the previous scheme which was limited to those on lower incomes and with 4-6 years continuous service. There are no such limitations on the new scheme.

The Forces – Help to Buy scheme is being launched on 1st April 2014, however the Nationwide Help to Buy scheme is available now.

Each area has a Help to Buy agent who will be able to discuss the options and schemes available to you.

Sheri-Anne Mizon is a Partner at Attwaters Jameson Hill Solicitors specialising in all residential property matters including first time buyers buy to let investment buyers and shared ownership purchases. She has an extensive knowledge of acting for members of the armed forces. She and her team will ensure your transaction is dealt with professional, efficiently and as quickly as possible and help support you and your family at every stage.

If you have any other questions or would to discuss your purchase with Sheri-Anne, please feel free to telephone (0208 498 6578) or email ().

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