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Armed Forces help to buy Mortgages
Forces Help to Buy Mortgage Schemes will help UK Forces personnel onto the property ladder.
Giving opportunities to armed forces personnel to get on the property ladder.
From the 1st April 2014 the government launched forces Help to Buy; the ministry of defence (MOD) offered regular armed forces members a deposit.
This was to be used along with the help to buy scheme to allow members to purchase a new build property with just a 5% deposit and a mortgage loan of 75%.
The scheme is designed to make mortgages to Britain’s regular armed forces more accessible to date the scheme has helped members across the UK to get on the property ladder.
The forces scheme is made available to regular armed forces personal who are first time buyers, and members who need to move due to a change in there circumstances.
It can offer an interest free loan to personnel which can be up to 50% of their annual salary, there is a maximum loan available up to £25,000.
The loan will be repayable in monthly payments over the term; the amounts available will depend on rank, an estimated amount available per rank;
Private Approximately = £10,000
Corporal ‘’ = £13,000
Sergeant ‘’ = £14,000
Major ‘’ = £22,000
The forces Help to Buy deposit loan along with the 20% help to buy equity loan funded by the government, should allow a prospective buyer secure a 75% lender loan.
While the forces Help to Buy Scheme is available, the existing long service advance of pay (LSAP) scheme will be frozen.
Any personnel who have an existing L.S.A.P arrangement will also be eligible to apply for a Forces Help to Buy loan. The outstanding L.S.A.P loan amount can be consolidated into one arrangement under the Forces Help to Buy Scheme.
Call Barry Fox or Chris Johnson on 01642659500 or email ken@ayton-law.co.uk barry@ayton-law.co.uk or chris@ayton-law.co.uk.
FORCES HELP TO BUY IS A SPECIALIST AREA FOR MILITARY PERSONNEL WE ARRANGE THIS TYPE OF MORTGAGES THROUGHOUT COUNTY DURHAM, CATTERICK,RICHMOND,NORTHALLERTON,RIPON AND YORK,NORTHUMBERLAND,TEESSIDE AND DARLINGTON, ; NORTH YORKSHIRE,WHITBY: LEEDS AND TYNE & WEAR:
IT IS VERY IMPORTANT YOU GET EXPERT ADVICE IN THIS AREA, WE LIAISE WITH THE FORCES AND HELP TO BUY AGENCIES ON YOUR BEHALF AT OUR OFFICE, YOUR PLACE OF WORK, OR IF YOU PREFER THE INTERNET.
PLEASE NOTE THAT WE CAN ONLY ADVISE YOU WHILST YOU ARE IN THE UNITED KINGDOM
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBTS SECURED AGAINST IT