Armed Forces Mortgage Advice in Cambridge
The £200 million scheme was introduced in 2014 to offer a boost to anyone from the armed forces who needed help buying a home. Originally intended to end in December 2019, the government made this an enduring policy, as a thank you for their commitment to their service and dedication to the country.
How does this help to buy work?
This works by accessing a borrowed deposit that is summed up to half of your annual salary (a maximum of £25,000), without any interest involved, then the deposit can be used to purchase a first home or to move into a new home.
A benefit of the scheme is that you don’t need any current savings to get yourself on the property ladder. The money raised from the loan can partly be used to be put towards your deposit or other costs.
- Stamp duty.
- Estate agent fees.
- Solicitors fees.
Another advantage that benefits forces personnel is that the majority of lenders will accept the loan towards the deposit for a new home. More relaxed than some other schemes, the Forces Help to Buy loan can be paid back over a period of 10 years, so you don’t have to feel as rushed.
Even if you were unsure that you would have a chance, if you are able to match the criteria (length served, service term left and medical categories), you are eligible to purchase your home using the Armed Forces Help to Buy Scheme.
Navigate through for futher details from the Government site.
How a Mortgage Advisor in Cambridge may be Able to Help
From the minute you call up until the completion and beyond, our knowledgeable mortgage advice team in Cambridge has your back. They will make sure you are taken care of and are determined to find you the best option for your circumstances.
For your fast and friendly customer experience, get in touch today and see how we might be able help you with seeking your dream home.
Please note, the Forces Help to Buy is not the same as the standard UK Help to Buy Mortgages in Cambridge.
Date Last Edited: December 6, 2023
